After these two strikes (see Microsoft glitches hamper critical fixes, and Broken Internet Explorer) the third swing-and-a-miss came when a problem with Microsoft Update prevented some Office 2007 users from receiving important patches. Microsoft fixed the problem quickly, but the Update snafu caused some people to wait an extra week to receive the patches.
Two of the seven fixed bugs are rated as important for Office 2007. All of them are critical for Office 2000 Service Pack 3, and important for other supported Office versions. Any of these flaws could be hit if you open an emailed or downloaded rogue document, and one of the holes is under active attack. So if you are not using Automatic Updates, get the fixes here, here and here.