We've known for a while now it would be arriving very soon and here 'tis. Microsoft has just officially announced Office 2010 as well as SharePoint 2010, Visio 2010 and Project 2010.
Initially it is only available to business customers, but consumers will be able to purchase it as of June 15 at prices ranging from $99 to $499 U.S. depending on which Office version you opt for.
There's a huge amount of updates and features added to the 2010 Office suite including Backstage view which replaces the file menu, improved search and navigation functions, superior video and editing tools, a Sparklines tool for Excel which gives the ability to create small charts inside a single cell and backing for Office Web Apps that gives online versions of MS Word, PowerPoint, Excel and OneNote.
For the full scoop, check out Microsofts official announcement here.