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If you use Migration Assistant on the new machine to move everything over, MS Office will get moved, but it will detect it is on a new machine and ask for the serial number. Problem is with the 2011 Office version the license is only for one machine at a time, so entering your serial number will not work. You will need to call MS to get the license transferred from the old machine to the new one (assuming MS will do that).
 
I used the Migration assistant for my wife's new MBA from a Time Machine backup of our MBP and it worked fine.

Although, her Outlook database was corrupted and wouldn't rebuild. That turned out to be on the MBP as well and I didn't know. So that problem was already occuring on the MBP. I gave her a new profile for Outlook and then moved contacts and folders from the old one and it worked fine. But the Migration Assistant works great for us...
 
Calling Microsoft is often necessary but it's pretty painless. You can do the transfer with their automated activation system 95% of the time.

Source: I change out my Windows machines too often. :)
 
Thanks for posting this! I'll be doing the same thing when I get my new rMBP, only I'll be using a Time Machine backup since my current MBP won't boot.

I also have Office 2008 on the backup (was planning to upgrade the current machine to Mavericks and wanted to make sure everything would be compatible), but I'll probably just remove it from the new one. Then if I can get the old one working I'll take the 2011 license off and leave 2008 on there. 99% sure the only reason it won't boot (flashing folder) is a fried SATA cable, but that's another thread.
 
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