Microsoft has made a pretty monumental update available today for those using all versions of Office 2011 for Mac.
Taking the revision to 14.4.4, the update intends to fix up each product in the Office 2011 suite including Word, Excel, PowerPoint, Outlook, and Communicator. Each product's reported problems are listed on the Known Issues in Office 2011 page and the list is massive.
The actual update download is here: Microsoft Office for Mac 2011 14.4.4 Update
Here's the fix list included in the update: Known issues in Office 2011
Here's some guidance for installation: Article ID: 2994002