Pros:
- Word is more report/design oriented with better cover pages, headers and footers.
- Styles in Word are more accessible and easier to use.
- Excel has a better filtering, range naming, sorting, and conditional formatting functionality.
- Access rocks now!!! I have always been able to use it, but it is more user-friendly.
- RSS feeds in Outlook
- A better calendar in Outlook
- New default fonts that work well with ClearType.
Cons:
- A new default filetype for all the products that isn't compatible with past versions (WTF!!!)
- PowerPoint creates presentations even if saved in 97-2003 format that are entirely editable. That sucks...
- The suite is going to cost everybody big time.
- Microsoft should have released half of these new features years ago.
- New default fonts that all the other Office users do not have.
Go check out the beta. It is a 440MB download with a couple hoops relative to getting an installation key. It won't expire until February 2007.