And boy does it suck at that. We tried it out, and it is extremely unimpressive. Tracked changes are gone when you save to ODT, nested tables from ODT often lose their text, and object positioning is often wrong. Generally speaking, anything more than simple letters requires manual intervention.
Did they just repurpose the open source converter they commissioned? It certainly is the worst filter I've seen from Microsoft in a long time.
You can tune a piano, but you can't tuna fish. You can tune a filesystem, but you can't tuna fish. -- from the tunefs(8) man page