OpenOffice.org is a fantastic office suite, and one of its main design goals is to be as compatible as possible with MS Office. And they've done a good job of it; compatibility is excellent, especially with Word documents.
It isn't 100%, of course -- MS does its best to keep its Office file formats secret, and they change them subtly with each release as well, so there are occasional problems. But for the most part if you've got an MS Office document, it should work fine with OpenOffice.org.
I'm not a heavy user of spreadsheets, but Excel functions and hyperlinks should work fine - they're a standard part of spreadsheet functionality, I'd expect them to be supported without any problems.
The one big problem you'll have is if your documents have VBScript programs in them. Embedded scripts are not going to work outside their original application, no matter what you try to do.
If you do come across any problems, it's also worth knowing that OO is almost ready for the release of it's 2.0 version, which by all accounts fixes most of the remaining compatibility glitches. The beta release is already available, and the full release will follow shortly.
Hope that helps.
