"Microsoft Office for Mac Home and Student 2011 includes Word for Mac, PowerPoint for Mac, Excel for Mac and Messenger for Mac, and it will retail starting at $119. It will be available in two editions — a single install for $119 (U.S. ERP) and a Family Pack for $149 (U.S. ERP) with three installs for families with more than one Mac in their household."
They also have a Home & Business version which includes Outlook (replacing Entourage). I'm happy with Gmail, so I am not interested in that version.
For $119 (maybe less at Amazon), I just might have to get it when it's released in October.
UPDATE: MS Office 11 for Mac will be released October 26, 2010.