Open Document Format (ODF) and Office Open XML

[ExcelMonkey]

I am trying to understand what affects the Open Office Format and the Office
Open XML will have on development of spreadsheet tools.

More specifically, if we developers use the Excel Object model to work with
Excel via VBA/VB.Net/C# how will we be integrating with files in ODF and
Office Open XML? Does this mean the end of the Excel Object model if we
desire to integrate with multiple spreadsheets that conform to these two
standards?

Thanks

EM