As with my Windows Server 2003 Editions comparison, Microsoft also has its own table comparing the various Office 2003 editions, but that version is incomplete, hard to read, and poorly organized. So here is my own comparative set of tables, which I think you'll find to be much more readable and useful.

Update: This page has been updated with Office 2003 retail pricing information (US only).

Key

Word - Microsoft Office Word 2003
Excel - Microsoft Office Excel 2003
Outlook - Microsoft Office Outlook 2003
PowerPoint - Microsoft Office PowerPoint 2003
Publisher - Microsoft Office Publisher 2003
OL BCM - Microsoft Office Outlook 2003 with Business Contact Manager
Access - Microsoft Office Access 2003
XML & IRM - Supports additional XML features and information rights management (IRM) content creation and authoring.
InfoPath - Microsoft Office InfoPath 2003

Note: Some Office 2003 applications are not available in any suite editions. These products include Microsoft Office FrontPage 2003, Microsoft Office OneNote 2003, Microsoft Office Publisher 2003 with Digital Imaging, Microsoft Office Project Standard Edition 2003, Microsoft Office Project Professional Edition 2003, Microsoft Office Visio Standard Edition 2003, and Microsoft Office Visio Professional Edition 2003.

Comparing the Microsoft Office 2003 Editions


Retail Editions - These are the versions you will find in retail stores like Best Buy and CompUSA.
Version Word Excel Outlook PowerPoint Publisher OL BCM Access XML & IRM InfoPath
Microsoft Office Student and Teacher Edition 2003*  Yes *   Yes *   Yes *   Yes *                
Microsoft Office Standard Edition 2003  Yes   Yes   Yes   Yes                
Microsoft Office Small Business Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes          
Microsoft Office Professional Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes    
* None of these products are eligible for future upgrades.

Office 2003 Preinstalled Editions - These are the versions you will find preinstalled on new PCs.
Version Word Excel Outlook PowerPoint Publisher OL BCM Access XML & IRM InfoPath
Microsoft Office Basic Edition 2003  Yes   Yes   Yes                   
Microsoft Office Small Business Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes          
Microsoft Office Professional Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes    

Volume Licensed Editions - These versions are available through Microsoft's various Volume License programs for businesses.
Version Word Excel Outlook PowerPoint Publisher OL BCM Access XML & IRM InfoPath
Microsoft Office Standard Edition 2003  Yes   Yes   Yes   Yes                
Microsoft Office Small Business Edition 2003*  Yes   Yes   Yes   Yes   Yes   Yes          
Microsoft Office Professional Enterprise Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes 
* This product edition is available only through Microsoft Open License.

Academic Editions available through academic resellers - These versions are available to students at campus book stores and other similar locations.
Version Word Excel Outlook PowerPoint Publisher OL BCM Access XML & IRM InfoPath
Microsoft Office Student and Teacher Edition 2003*  Yes *   Yes *   Yes *   Yes *                
Microsoft Office Standard Edition 2003  Yes   Yes   Yes   Yes                
Microsoft Office Professional Enterprise Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes 
* None of these products are eligible for future upgrades.

Academic Editions available through Microsoft Academic Volume Licensing programs - These versions are available to academic institutions.
Version Word Excel Outlook PowerPoint Publisher OL BCM Access XML & IRM InfoPath
Microsoft Office Standard Edition 2003  Yes   Yes   Yes   Yes                
Microsoft Office Small Business Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes          
Microsoft Office Professional Enterprise Edition 2003  Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes   Yes 

Microsoft Office 2003 Retail Pricing


Office 2003 Editions - Full product suites, boxed copies
Version Full version pricing Upgrade version pricing To qualify for upgrade pricing, you must own at least one of the following qualifying products...
Microsoft Office Student and Teacher Edition 2003* $129 n/a* n/a*
Microsoft Office Standard Edition 2003 $399 $239 Office XP Developer, Office XP Professional with FrontPage, Office XP Professional Special Edition, Office XP Professional with Publisher, Office XP Professional, Office XP Small Business Edition, Office XP Standard, Office 2000 Developer, Office 2000 Premium, Office 2000 Professional, Office 2000 Small Business Edition, Office 2000 Standard, Office 97 Professional, Office 97 Small Business Edition (version 2), Office 97 Small Business Edition (version 1), Office 97 Standard, Works Suite 2004, Works Suite 2003, Works Suite 2002, Works 2000, Works 8.0, Works 7.0, or Works 6.0
Microsoft Office Small Business Edition 2003 $449 $279 Office XP Developer, Office XP Professional with FrontPage, Office XP Professional Special Edition, Office XP Professional with Publisher, Office XP Professional, Office XP Small Business Edition, Office XP Standard, Office 2000 Developer, Office 2000 Premium, Office 2000 Professional, Office 2000 Small Business Edition, Office 2000 Standard, Office 97 Professional, Office 97 Small Business Edition (version 2), Office 97 Small Business Edition (version 1), Office 97 Standard, Works Suite 2004, Works Suite 2003, Works Suite 2002, Works 2000, Works 8.0, Works 7.0, or Works 6.0
Microsoft Office Professional Edition 2003 $499 $329 Office XP Developer, Office XP Professional with FrontPage?, Office XP Professional Special Edition, Office XP Professional with Publisher, Office XP Professional, Office XP Small Business Edition, Office XP Standard, Office 2000 Developer, Office 2000 Premium, Office 2000 Professional, Office 2000 Small Business Edition, Office 2000 Standard, Office 97 Professional, Office 97 Small Business Edition (version 2), Office 97 Small Business Edition (version 1), Office 97 Standard, Works Suite 2004, Works Suite 2003, Works Suite 2002, Works 2000, Works 8.0, Works 7.0, or Works 6.0
* This product is ineligible for future upgrades.

Individual Office 2003 Applications - Boxed retail copies of Microsoft Office System products
Application Full version pricing Upgrade version pricing
Microsoft Office Word 2003 $229 $109
Microsoft Office Excel 2003 $229 $109
Microsoft Office Outlook 2003 $109 n/a*
Microsoft Office PowerPoint 2003 $229 $109
Microsoft Office Access 2003 $229 $109
Microsoft Office FrontPage 2003 $199 $109
Microsoft Office OneNote 2003 $199 ($99 after rebate) n/a*
Microsoft Office InfoPath 2003 $199 n/a*
Microsoft Office Publisher 2003 $169 $169 ($99 after rebate)
Microsoft Office Publisher 2003 with Digital Imaging $209 $209 ($139 after rebate)
Microsoft Office Project Standard 2003 $999 $599
Microsoft Office Visio Standard 2003 $199 $99
Microsoft Office Visio Professional 2003 $499 $249
* This product is ineligible for future upgrades.

Office Servers - Boxed retail copies of Microsoft Office System server products
Server Server license CAL (client access license) per user
Microsoft SharePoint Services 2003 Free* Free*
Microsoft Office SharePoint Portal Server 2003 (more pricing info) $3999 $72
Windows Rights Management Server 2003 Not yet announced Not yet announced
Microsoft Office Live Communications Server 2003 $929 $34.95
Microsoft Office Office Project Server 2003 (more pricing info) $1499 $133 and up
* This product is a free download for Windows Server 2003 only.

I'm interested in ensuring that this page remains the definitive guide to the different versions of Microsoft Office 2003. Please email me with any additions, comments, or corrections. Thanks!