It got a bit lost in the hustle and bustle of yesterday's announcements, but there was an update released for Microsoft Office 2008; the 12.1.3 update, weighing in at 154 MB, provides the usual slew of security fixes and bug repairs that you know and love. Some crashing bugs have been squashed (including one that affected documents with embedded PDF images that I've seen once or twice), chart performance is improved across the entire suite, PowerPoint gets a fix to address file timestamp issues, and Excel comes in with multiple fixes for file saving and corruption problems.
You can download the DMG of the update directly from Microsoft, or run an Auto Update pass in your Office application of choice. If you encounter update issues or problems after the patches are run, please advise (and, more importantly, let Microsoft know). The best way to get improvements in Mac Office, when there are definitely some management attitudes that need adjustment, is to make your needs clear.
Update: Many Exchange 2003 users who have updated to 12.1.3 (including yours truly) have discovered an unfortunate issue in the new build: attempting to send or respond to meeting invitations results in an error. Whoops. Alternatives include using OWA (or your iPhone!) to respond to invites until this gets cleared, but it's quite annoying.