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Office 2003 has been out 2 years this year, so i would think one would be released at leat by the end of the year unless they wait until next year when Windows Codename Longhorn comes out - which i heard the version will only work on that windows.
There has been a lot of discussion about insuring backwards compatibility with whatever the next version will be. Apparently, the next release of Office will stress real time interoperability and multi-user tasking.
Whereof one cannot speak, thereof one should be silent.