@apple_enthusiast it would be nice if iWork used ODF as it’s really not productivity software if its formats are not compatible with the rest of the world no matter what OS and software one is using particularly when ODF is now the ISO recognized format.
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I have used the Excel/Word/Keynote formats with iWork and it’s okay. MS Office is the de-facto standard format and recognized by Google Docs, OpenOffice, and of course MS Office.
I don’t think it’s a truly open format like ODF, but you can be sure it’ll be recognized everywhere for a long time.