Neowin has a few screenshots from the next version of Office. It is expected to Beta sometime this year.

A new feature named “galleries” gives users a visual representation of the kinds of formatting choices they can make in their documents. The galleries also offer “live previews” in many instances, so you can see exactly what the document is going to look like before you make the choice, which makes it easier to experiment and change content.

I personally think they are going in the wrong way with their GUI design. First IE7 now this? What are they thinking?