Using Google Docs in a Office World

I admit Google docs isn't where it needs to be yet. I can get 80% of my work done with it, but I need Office for the other 20%. So this post isn't about relying on Google Docs for everthing, or problems that it faces.

The REAL problem is that I can edit Office docs, in GDocs. Since, Office is basically a monopoly, I can't escape it because that is what everyone uses. When people send me documents, I can't open it in GDocs. I think that this isn't fair, because it makes a cycle that forces users into Office. I think that regulators or somebody should force the Office format into an open standard. What do you guys think?