Office for Mac 2011 is finally out, and I've been tinkering around with it for the past few days. I do find it to be a huge improvement over 2008 - here are some thoughts:

• Dodgy email client Entourage is out and Outlook for Mac is finally back in - apparently they've redesigned it from the ground up in the Cocoa development framework and put in most of the features from the latest version of Outlook for Windows. All my email accounts are aggregated in Gmail so setup was quite simple - and so far Outlook is certainly working much better than expected. It's also much quicker.
  
• Word, PowerPoint and Excel are much more stable (for example, 2008 had an extremely annoying problem with switching between documents on different screens)
  
• Word has a new distraction-free full screen mode that just works
• The splash screens are very à la iWork
  
• The new icons are finally Mac-worthy