I see Microsoft in a position similar to RIM 5 - 8 years back. They have tons of revenue from big business that are kinda locked in to their stack. There is no need for large innovation in those very mature markets and they innovate by pushing more of the same. I may not be an office power use, but I see very little significant changes in Office since 2003, only small features tweaked.
Office has changed dramatically since then. The ribbon, while a superficial change, apparently has a huge impact on discoverability of Office features and usage. There's now an online version of the applications, and integration with Skydrive/SharePoint. There are tons of smaller additions that are very useful, too (e.g. Flash Fill in Excel, multi-monitor support in PowerPoint, etc.).