Just a heads-up if you're in the US and looking for such a thing: Circuit City is selling Office 2007 Home and Student this week for $99. It's normally $149. The big deal, of course, is that you can install it on up to three home computers. (On the flipside, it does not include Outlook.)
They're also selling a one-year subscription to Microsoft Equipt for $69.99. (Office 2007 Home and Student plus OneCare.) I'm not sure if that's a great deal or not, but I guess it's an alternative. OneCare is normally $50 a year by itself, but I've seen it at Costco for as little as $15.