Office 2011 version 14.1 (Service Pack 1) is now available from Microsoft's website. As announced on April 6, the update includes a variety of improvements to the new Outlook for Mac, including built-in support for Apple's Sync Services which allows users to more easily synchronize Outlook data with other Mac OS X software (like iCal and BusyCal) and devices (like the iPhone and iPad) through iTunes.
The update also includes the usual fixes for "critical issues" and patches a security vulnerability that could allow an attacker "to overwrite the contents of your computer's memory with malicious code."
Microsoft offers more details about the software update on its official Office for Mac blog. Even if the update isn't showing in Office's AutoUpdate utility yet, you can download the 246 MB package here.