As a small business person I am always trying to save money, but I am not crazy enough to save money to the point of losing valuable features. There is a product that does not have all the bells and whistles of Microsoft's Office Suite nor its tight integration with an e-mail client like Outlook but for a solid word processor, spreadsheet and presentation maker, I think that Open Office 3.0 is a worth consideration.
The newest free version of Open Office's business software suite that provides most of the capabilities of MS Office was released in October 2008.
Open Office provides a very complete set of basic features that will cover about 90% of the typical MS Office users. It does not have the tight linkages with an e-mail client like MS Offices has with MS Outlook but if that is not a show stopper requirement then I think you will find Open Office a very good product.