For about a year now, Apple, IBM, WordPerfect, Novell, and Borland have been trying to get attention for a standard for compound documents that they refer to as OpenDoc. This Object-oriented technology is the chief competition to Microsoft's OLE 2.0 as a way of constructing automatically updatable documents from elements selected from multiple applications.
The best way to compare the two technologies is to see a demonstration of OLE and a demonstration of OpenDoc, side by side. IBM would love to have you do that, because it shows off OpenDoc's best side (see below).