Just my input here...I don't think they'll be any Office update until Apple switches to Intel processors. Chances are that Microsoft won't update Office until at least six months after the switch, just to make things run more smoothly on Mactels.
I'm not sure if it will be an actual new version of Office, maybe just a Office 2004:Mac Intel Version or something like that.
In the next Office update though, let's hope Microsoft improves speed in all the applications. They're so slow, and they don't exactly have the nicest-looking interface either.