Still looking pretty basic and pretty bad.
MS Office 2007 Standard comes with Excel, Word, PowerPoint and Outlook. It's full featured and has a nice smooth interface.
I would assume from "basic" that you mean that it lacks the ribbon interface that Microsoft released with the 2007 Office products.
From a functionality standpoint, OO comes with an excel, word and powerpoint equivalent. Not too mention, it also has Draw, Math and Base.
As noted, it doesn't offer an email client like Outlook. Of course, many people use alternative free products for this functionality.
Is it exactly the same as Microsoft Office 2007? No.
But since you mention Outlook, a copy of Microsoft Office 2007 which includes outlook is $419.00 on sale at NewEgg
Newegg.com - Microsoft Office Professional 2007 - Business & Finance
And if you have already spent the hundreds of dollars in the past for Office, then you qualify for the $267 sale priced upgrade
Newegg.com - Microsoft Office Professional 2007 Version Upgrade - Business & Finance
To me....OO doesn't look so bad comparing apples to apples.