The company is still not discussing the specifics on most of the features it will add with Office 12, but it is promising to have the productivity software suite ready by the second half of next year. The company is also talking about some broad areas that it sees as ripe for improvement, including enhanced collaboration. Among the other key areas are individual productivity, finding business information and managing corporate business documents.Read more at CNET
Microsoft talks about Office 12

Microsoft released some details about Office 12, which will be launched roughly the same time as Longhorn.