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ODF as document standard should not be a problem or limiting. If current ODF standard is limiting then work can be done to create a improved standard. not a problem at all. Innovation plays well by improving a current standard, not a radical and separate standard. Otherwise, you fragment the market.
Its the implementation that matters. If microsoft does not want to monopolize though a new standard. It could have made a fantastic implementation of ODF, which looks and works better with MS Office. But thats not their intention and thats why they need OOXML.
How many HTML standard we have for web. Only one. We have different versions of HTML standard (4.0, 4.1 and etc.). We don't have MSHTML, NSHTML, SUNHTML standards. Then the standardization will fail.
Its a high stake game MS is playing and I fear lots of FOSS gurus are also being played on (knowingly or unknowingly).