Is Microsoft Office 2008 "good enough" for today/2012?

I have Microsoft Office 2008 on an external hard drive but I've never used it. I'm thinking about installing it on my soon-to-be new Macbook Air, as I'm going to be a grad student next Fall and I don't want to spend $150 for the latest version of Office.

I currently have Office 2004 for Mac and it's a pain to use with Office for Windows, not being able to convert the .docx files (and all other .x files) that my new school sends me. My question is, would I have the same problem with the 2008 version? Or will Office 2008 be good enough to get me through a few more years of school?

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