Using LaTeX is probably the next best thing to reading a beautifully typeset document with perfect kerning. However, setting up LaTeX could be time consuming. And trying to back up documents constantly may not be the best use of your time. Imagine LaTeX on cloud. That’s exactly what ShareLaTeX does. It is a very handy tool and free for personal use. The company promises to be free (as in free beer as well as free as in freedom) forever. Is that does not sell you, they also have templates for CV, documents, theses and text books. ShareLaTeX also has beamer templates to produce pretty looking presentations – beamer presentations may not be as gimmicky as MS but are slick, and gives nerd cred. Check out their website at http://www.sharelatex.com.
Competition: These are not really competition but other cloud LaTeX compilers you might want to check out.