I have created academic work both in LaTex and in Word and while I have not measured it in an objective way I also had the feeling that LaTeX could create better looking results once you've got over the first hump.
On the other hand, the integrated nature of a system like Word were spellchecking, annotations etc. are all part of the main tool you work with makes it very effective. It takes pretty long however to develop a workflow that avoids all the pitfalls.
In a sense, LaTex makes you believe that once you got over the initial hump, you have typesetting super powers but you will miss out on some of the integrated UI stuff that may boost productivity. Word on the other hand makes you believe that you already know everything while you still need to keep fine-tuning your workflow until you don't mess up constantly.