With about two weeks to go until Office 2011 ships, Microsoft is making sure that Office 2008 is safe and sound with a security and stability update. The 12.2.7 update can be downloaded and installed by running Check for Updates from the Help menu in any of the Office 2008 apps, or letting Microsoft AutoUpdate do its job.
What's in the update? For Microsoft Excel, it's a bug fix. According to Microsoft, the update "fixes issues that cause Excel to crash or close unexpectedly sometimes when you try to start an Excel application." And for those of you who use Entourage (Anyone? Anyone? Bueller?), it's about reliability. The update details there say that it fixes issues with Kerberos authentication with Microsoft Exchange Server 2003 and 2007 as well as an issue where Entourage would create duplicate items in the Exchange 2007 mailbox.
You can read all of the details here. The installed update takes up 503.4 MB of your precious hard disk space.