I have a client who was wondering the same thing. Honestly, they all have GENERALLY the same functions. What I like about the newer versions (I use both versions--2003 at school, 2007 at home) is that there is a much easier layout. When you want to insert something you go to the Insert tab instead of Table. It is more user friendly and easier to work with. I have heard complaints about people liking 2003 better, but it is because they haven't given 2007 a real shot. If you are getting a new computer go for the newer versions, otherwise, stick with what you have. You aren't missing a lot.