Office 2003 SP3 is available for download. The main new features are better Vista support, better interoperability with Office 2007, and improved security. It might make sense to rollout this service pack together with Office 2007 since it is possible to run both Office versions on the same computer.
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The service pack also includes two interesting security related patches that have been released previously: MOICE (Microsoft Office Isolated Conversion Environment) and File Block. MOICE converts the binary formats of Office 2003 to the Office Open XML format of Office 2007. File Block allows admins to prevent users from opening certain file formats using Registry or Group Policy.
We will probably deploy this SP soon, although I'm tempted to switch to Office 2007 instead. I've been working myself with Office 2007 since its release. At the beginning, I was quite shocked about the new user interface, but after a while, I come to really love it. It is the same with Vista. It was not love at first sight, but it can become a passion in the long run. The only (big) problem I still see is that some of our users won't recover so fast from the first shock.
Thus, we're considering letting Office 2003 installed for a while and just offer Office 2007 as an additional option. This KB article explains how you can run Office 2003 and Office 2007 on one computer. The earlier adopters among your users can move to Office 2007 then, the ones with a more traditional attitude can just stick with Office 2003. By the way, another option would be to use Office 2003 menus in Office 2007 or to install this flash application that helps in finding the new position of Office 2007 commands quickly.
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Whatever solution you prefer, maybe it makes sense to deploy Office 2007 together with Office 2003 SP3. We usually rollout such big changes only with new images. So we will just include everything in our latest master image.