Microsoft is readying the final service pack for it’s Office 2007 suite and Sharepoint 2007. Service Pack 3 is set to release sometime in quarter 4 of 2011, with a more specific date to be announced later.
Upgrading to Office 2010 is also an option for those who are still using Office 2007. Office 2010 will remain in mainstream support until 2015, and this path provides a much better option for those looking to upgrade from Office 2003 prior to its end of life, scheduled for April 2014.