If you are in publishing - like in writing or editing books - you need MS Word.
Well, use whatever you want to write the book. But if you are printing it, I'd definitely use something other than MS Word. It just doesn't produce publication-quality documents.
And as far as Latex is concerned, it would be even more work.
That depends on what you are writing. If your document contains lots of equations and you're using MS Word, then God help you.
Latex and other formats are great if you are in complete control from start to finish of the publishing process. But working with other people that are scattered all over the World? Nope.
Again, that depends on who the other people are. Many academics, particularly scientists, use LaTeX.