Microsoft have just released an update to Office 2008 for Mac that is now available through the Office Update mechanism.
According to the Microsoft Release Notes:
The Microsoft Office 2008 for Mac 12.2.0 Update contains changes that improve stability, reliability, and performance.
This update also includes a new application called Microsoft Document Connection. This application makes it easy to work with files that are located on a SharePoint site or Microsoft Office Live Workspace.
I’m more interested in the new Microsoft Document Connection application as this allows easy access to Microsoft Office Live Workspaces from within Office applications.

Document Connection
To access your Office Live Workspace, all you need to do is select “Add Location” from within the Document Connection Application and choose to “Sign in to an Office Live Workspace”. This allows you to make a connection to your workspace and only needs to be done once for each workspace. After creating this link, you can easily open your Workspace documents from within Office applications using the “File | Open From Document Connection…” dialog.
This type of functionality has been available in Word 2007 for a long time and its a welcome addition to Office 2008.