Microsoft have released Office 2003 Service Pack 2, which focusses on security updates.
The journal formerly known as Woody’s Office Watch are reporting problems already, and recommending people steer clear of it for a little while.
(The Office Watch web site could do with some work. They’ve written their archives page in such a way that sometimes the lines don’t wrap, but you have to scroll across to read them; and try clicking the “Contact the webmaster” link to point it out, and you get your email program popping up composing a mail to “watchit”… very bloody useful.)