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No, it is not as feature packed as MSOffice.
What do you mean with "compatibility"? It can open more file formats
than other products. Sometimes you notice some difference in layout and
format compared to the original, sometimes not. Same as with any other
software when opening complex foreign file formats.

LibreOffice fully implements (and is built around) the OpenDocument
standard. If you are not interested in using OpenDocument, then there is
no reason to use LibreOffice. In particular, this is not an alternative
editor for MS Office documents.

Dozends of software products (including the latest MSOffice) can handle
Furthermore, LibreOffice supports PDF as export format.

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