Microsoft just released an SP2 update for Office 2008. It is rather large. I installed it on my iMac without incident. I have used the applications, especially Word and Excel, without problems.
I have copied this description of the fixes from another website:
The new Document Connection tool helps Office users collaborate more seamlessly. Rather than having to rely on a Web browser to maintain a connection to Microsoft Office Live Workspace, Document Connection lets Office 2008 users on the Mac save and open documents directly.
The software leverages Microsoft SharePoint technology, which enables Office users to collaborate by publishing documents to the Web. SharePoint manages the connection, making sure users n the same workgroups know when a document is available and when it’s checked out, who is working on it and what access privileges they have.
I thought this “Document Connection” thing might be quite interesting in a corporate environment. Of course, the update has the usual stability and bug fixes. It also boasts of a speed increase to Word and Excel, but so far I haven’t noticed too much of a speed increase, YMMV.
I think this update is good to go. Download it and give it a try. I just used the Microsoft Office Update Feature.