Let's not forget that many free software companies back in the days did equally dubious things, but that free as in freedom turned out to be a working business model in many ways. Few Linux distributions ship proprietary add-ons now, for example.
I think in time it will be obvious that their Open Office strategy is not a good one. IBM is a smart company. They should help establish the Open Office trademark instead, their product won't be a major player on its own.