Another on-balance-ambivalent review of Office 2007. The $149 (for 3 PCs) part is an important reality check, but of course that edition doesn't include Outlook, and Exchange Server reportedly no longer includes an Outlook CAL.
You'll have to decide if ribbons and other improvements are worth the learning curve—and the money. The cheapest version of Office 2007 is the $149 Home & Student Edition. It can be installed on up to three PCs, and includes Word, Excel, PowerPoint, and OneNote, an application for taking notes. More extensive packages range from $239 to $679. If you are happy with your current version of Office, there's no compelling reason to rush out and buy Office 2007.
Source: Microsoft's Remodeled Office