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It's worked fine for me on both 9A466 and 9A559. But it's slow. You might just want to wait for Office 2008 which will be a Universal Binary.
 
Office 2004 worked fine for me in 9a466. Heck I even wrote a 10 page paper this past week and it worked great!

Of course YMMV.
 
I don't see why it shouldn't work... Leopard still has Rosetta, right? I would be furious if Leopard didn't suppport PPC apps.
 
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