Although most of the ruckus over the paper has focused on the prediction that OOXML will beat out ODF, the more intriguing and meaningful conclusion is in fact that the World Wide Web Consortium (W3C) model, built on open and broadly accepted web standards already in broad use, will in fact "...be more influential and pervasive than ODF and OOXML." This implicit acknowledgment that the SaaS delivery model will dominate productivity and document storage applications is less supportive of Microsoft's approaches than many of the documents detractors care to acknowledge and suggests the entire debate is essentially a sideshow.
CIOs who are truly concerned with data preservation and open standards need to take a hard look at Microsoft's historical business practices and the remaining questions hanging over OOXML and ask themselves if it's worth making such a major transition to a format that is fraught with the same potential for vendor (rather than consumer) control in the future. SaaS options, it's worth noting, hardly escape this issue, so regardless of the very real potential that SaaS will eclipse any of the stand-alone office applications that are currently involved in this debate, it's still going to be necessary to pick a format for long-term, corporate control of vital data and documents.
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