Scoble has a video interview up on the new Office 12 - as has been reported elsewhere, the UI is very different. I started out very skeptical on the "no menu" approach, but - as the video progressed - it looked better.

Having said that - my main usability issue with Word remains unanswered - will a bullet point go where I want it, rather than where Word wants it? That's the one thing that makes me despise the entire product.