Last year, Microsoft announced that they were preparing Office 2007 SP2 and planned to make it available before the second half of 2009. Redmond has made good on that promise, with the package now available for download. At upwards of 300MB for the full update, Microsoft has included a lot in this release - all the security updates, hotfixes and general fixes released for Office 2007 to date (up to February of this year, actually). That's certainly useful for anyone doing fresh installs of Office 2007, cutting down on how many individual updates have to be downloaded.
The company has also compiled a long list of fixes and improvements included in the update, as well as a list of outstanding issues not yet addressed. One of the biggest changes they have introduced is the ability to remove individual updates, as well as the ability to remove the service pack altogether. It's always been assumed that Office service pack installations were permanent, for good reason, but for those that deal with too many issues, Microsoft has published a tool allowing you to remove the service pack altogether.