I have faith that Sun would keep SO open....except if SO takes over the market.
But, IIRC the file format is being promoted by Open Office, which is GPL. Still, it'd be good to check for any 'gotchas' (like IBM's web services patents) -- Sun could still torpedo things later if they have any OO/SO file format patents. You'll probably want to check out OO's standards process; I need to look into it myself.
The advantage of being promoted by a Office suite provider is that it can gain users -- I seriously doubt a file format from on high will gain many users, while the OO file format gains all the OO/SO users. BTW, from my use of the SO beta, with compression the file format is reasonably compact -- much smaller than SO5. Besides, I think both SO and OO benefit from Sun's desire to put MS's cash cow on a diet.
I doubt there's a filter already available for Office, but given that the code is available, that should make it easier to do.
Tony