BibTeX is also wonderful for citations; it's a standard format that you can automatically generate a bibliography formatted to almost any style (e.g. AIAA, AMS, IEEE, etc.)
Documents are plain text, so you can keep them under version control (like git) and you never have to worry about having the wrong version like .doc or .docx.
LaTeX does the formatting for you; it's What You See Is What You Mean, as opposed to What You See Is What You Get. This abstracts the formatting process from the writing process, so you focus on the content and structure.
There's the Comprehensive TeX Archive Network (CTAN) that has packages (add-in to make LaTeX handle more formats, features, etc.) where you can find almost everything you would ever need.