I don't think ODF is the be-all-end-all format, but I sure hope it'll be accepted and OOXML will be dumped, on the simple grounds that the OOXML specs are too long and complex and flawed.
Both formats seem to be pretty much XML memory dumps of internal structures, rather than well planned and 'interchange friendly' documents, though. And XML formats, while nice for interchange, are retarded as main-use format.