Last week I received Microsoft Office Standard 2007 from Amazon UK, and installed Word, Excel, and PowerPoint. I didn't install Outlook because I don't plan to use it: I'm happy with Mozilla Thunderbird.
I have little or no personal use for Excel or PowerPoint, but Excel is needed for work and PowerPoint may be occasionally handy, if only as a viewer for incoming files.
So far I've used Word 2007 a bit and it seems OK. The user interface has changed but it's not too hard to get used to. I'll be gradually migrating my OpenOffice Writer files to Word.
Although I haven't installed Outlook, Microsoft keeps pressing me to install Outlook updates. How can a company be so successful, so rich, and so stupid?