"...It's been a long time between drinks for Mac users waiting for a new version of Office..."
With the exception of Palmerized in the first post, I've not heard of anyone wanting or needing an upgrade to Office. Specifically to Palmerized: why do you look forward to it? It is simply the "something new" factor, or are there some features of Office that you need and are not present in the shipping version? Sure it looks different and may perform advanced functions easier, but do you use any of those functions? Personally I've not used Office in years and I don't even launch iWork all that much. TexEdit is my go-to workhorse for anything that isn't page-layout.
I work for a Mac reseller and I know that almost our entire user base uses Office simply for MS Word to write simple letters and school papers. 90%+ of that work could just as easily have been completed with Mac's TextEdit program for free.
For those looking for more complex layout, I always suggest iWork at 1/2 the price (of Student Teacher) first. It's faster, easier and integrates with all your other media on the Mac more easily.
The maybe 2% of people who actually "need" Office are those who are sending documents via email to others who will edit and return those documents. Sure you could do this with iWork via export, but it's an extra step and you really have to use the menu items or be a contortionist to hit the shortcut key for "Save as...". iWork needs a "default to Microsoft" save option.
Even for those who send lots of documents, most don't need the recipient to edit them, and I still suggest iWork and "Save as PDF", it's more universal and no worries about changes on the other end.
So I really do want to know... what is in it for the consumer to get an Office upgrade? I know what's in it for MS, lots of money.