Microsoft has released Service Pack 3 for Office 2007. SP3 is a cumulative update, including all previous patches and updates for Office 2007, and also includes some additional unreleased updates, and security related patches. Microsoft believes that the security issues are minor and not critical enough to warrant immediate patching. If you run Office 2007, get this update now, test it, and apply it.
The update weighs in at 351MB and is available as an optional download from Windows Update. This is most likely the final service pack for Office 2007 as mainstream support for the product ends in April 2012. After that, Office 2007 will only receive securityupdates.