Specific Improvements from the Read Me:
Stability is improved -- This update fixes an issue that causes PowerPoint to quit unexpectedly when you open a presentation.
Contact names that contain special characters are handled correctly -- This update fixes an issue that causes meeting requests to display incorrectly when sent to contacts with names that contain single quotation marks ('), double quotation marks ("), and parentheses.
Public folder messages are not duplicated -- This update fixes an issue that causes duplicate messages to appear in public folders.
Compatibility with Mirapoint Message Server is improved -- This update fixes an issue that causes Entourage to quit unexpectedly when accessing mail folders on a Mirapoint Message Server.
If you decide to proceed, make sure you're at Microsoft Office 2004 for Mac 11.3.0 Update already, because 11.3.2 is not a "combo" updater. And since Office Updates change the version number on some Office apps, but not all Office apps, the best way confirm what version you actually have is to check the version number of the Microsoft Component Plugin file in the Microsoft Office 2004 folder, which is always updated even if other apps aren't.