The answer to this question depends largely on what and where you are writing it for.
Word processing software such as Microsoft Word or Pages might suffice depending on application. Other software, such as LaTeX, also exist and help to manage equations and such in possibly a better way than your general word processing software. LaTeX however generates a PDF. If you want something that is accessible, you want to keep in word processing format usually as PDFs are not always screen readable.
As for choosing between the two, I usually choose by what the group I am writing the report for is and what kind of resources they have. If they have templates, use them. I know many journals I submit to have established templates for research papers.
The answer to this question depends largely on what and where you are writing it for.
Word processing software such as Microsoft Word or Pages might suffice depending on application. Other software, such as LaTeX, also exist and help to manage equations and such in possibly a better way than your general word processing software. LaTeX however generates a PDF. If you want something that is accessible, you want to keep in word processing format usually as PDFs are not always screen readable.
As for choosing between the two, I usually choose by what the group I am writing the report for is and what kind of resources they have. If they have templates, use them. I know many journals I submit to have established templates for research papers.
Microsoft Word has a reference builder that you can use as well (depending on the format you require). You can then use that to manage citations to specific documents.
The combination of Microsoft Word and Mendeley works perfectly. Also, use a standard predefined size and create all your plots in Excel (I usually use 2 by 3 inches). When you are finished with everything copy them to your word document. Use Microsoft Word to create all your schematics. You can create super cool figures just using Microsoft Word's basic drawing tools (here is some examples I created for my papers: http://tinypic.com/r/2vi10ns/9 or http://tinypic.com/r/2drwftx/9)
p.s. If the journal offers a LaTeX style file and you are familiar with LaTeX, I would say go for it. Otherwise, LaTeX would be too much trouble for the layperson.