Microsoft originally wanted to ship Office 14 alongside Windows 7. Clearly that's not going to happen now. Mary Jo Foley has the word:

During his annual "Strategic Update" briefing with Wall Street analysts on February 24, CEO Steve Ballmer said Office 14 won’t be shipping in 2009.

"Office 14 will not be this year," Ballmer told analysts.

Microsoft officials have been careful not to provide a ship-date target for the next version of Office. However, last year, more than a few times execs slipped up and indicated Office 14 would ship in 2009. Just a month or two ago, Microsoft reps were telling corporate customers that Office 14 would ship in either late 2009 or early 2010.

Windows 7 is still tracking to be released to manufacturing by the third quarter of 2009, sources said.