When the next version of Microsoft Office is released it will be know as 2007 Microsoft Office System. The year has been brought in front :), guess after launching Microsoft Office Live which after thinking a lot and reading a lot I finally figured out that it had nothing much to do with 2007 Microsoft Office System. Even though both of them seem to have a similar sounding name but they are totally different products.
The new Microsoft Office Live is meant for small business which have less than 10 employes. This service basically allows them to design there own website and also get email address with there domain name. Even google seems to be going that way when they launched a service to integrate your domain name to their email service, plus they also seem to be designing an AJAX enabled webpage editor.
As for the 2007 Microsoft Office System it is the Microsoft Office people have been using. In addition to the regular Word, Powerpoint etc. they are adding two new applications.