According to this article Office 14 could is expected late 2009/early 2010
See also the wiki article - this originally had the release at early 2009, but this has now been changed.
http://en.wikipedia.org/wiki/Microsoft_Office_14
There is an expectation that Office 14 and Windows 7 will ship close together
http://blogs.zdnet.com/microsoft/?cat=16
I’ve heard recently that private builds of Office 14 are circulating among external Microsoft customers and partners. The Office team traditionally holds its code close to the vest and doesn’t release public betas until the feature set is set in stone.
The latest date proof has me wondering whether Microsoft will attempt to launch Windows 7 and Office 14 in tandem in late 2009. I had been hearing that the two products might launch separately in the next go-around. But if both end up ready to ship in 2009, who knows?