Microsoft is extending support for different Open Document and XML formats in Microsoft Office. While Microsoft Office 2007 and 2010 support opening, editing and saving of ODF 1.1 format, the new office will support opening, editing and saving in ODF 1.2 file formats.
The above diagram shows the compatibility chart of different formats in Microsoft Office.
"With these enhancements, Microsoft Office now provides full read and write support for the most commonly used document format standards. So no matter which of these formats your documents are in today, you will be able to work with them in the next release of Office."
Microsoft Office 2013 will also support editing and saving files in PDF formats.