Today sp1 ships. hurray. It's not up there yet but should be later today.  Also the kb articles for each patch don't seem to be live at this moment but should also appear later on today. 

Looking down the list of fixes, here are some that caught my eye (read the whitepaper for the full list):

• Communicator won't let you IM a distribution list any more for security reasons
• Icons for presence have been modified so that red/green colour blind people can tell the difference between available and busy by looking at the icon rather than the text next to it
• That Excel bug with 65,534 getting shown as 100,001 is fixed
• SharePoint works on Windows Server 2008
• ASP.net AJAX supported on SharePoint for web parts
• Outlook delays with opening large psts eliminated

Here is the rest of the blurb:

What can you expect in Service Pack 1?

SP1 focuses on the issues that matter most to our customers based on direct customer feedback and error reporting tools. You can expect:

• Stability. Using data from the Dr. Watson bug-reporting system, we've fixed the top software issues for each application in the 2007 Office system. The 2007 Office system SP1 also improves the stability of server components in the 2007 Office system and delivers compatibility with Windows Server® 2008, so you can confidently plan for future upgrades.
• Performance. The 2007 Office system SP1 improves performance in applications and servers. Performance improvements can be found in Microsoft Office Excel® 2007, Microsoft Office Outlook® 2007, Microsoft Office PowerPoint® 2007, and Microsoft Office SharePoint® Server 2007.
• Security. By incorporating incremental advances in security and results from application testing, the 2007 Office system SP1 offers home and office users better protection against malicious software and potential threats to privacy.

For a full list of improvements in SP1, download the Service Pack 1 whitepaper.

What does SP1 mean for you?

Service Pack 1 eliminates distractions and performance issues that disrupt workflow, allowing employees to be more productive in the work that they do. SP1 is also an important milestone for deploying the 2007 Office system, making it easy to deploy the most secure and reliable version of Office to date.

How do you get it?

Initially, SP1 will be available as a free download from OfficeOnline. SP1 will be made available via Automatic Update in the next 3-6 months, and we'll issue 30 day advance notice prior to delivering SP1 via automatic update.