According to CNET News, Office 14 technical preview will be available in Q3, and release version in the first half of 2010; Office 2010 will come in both 32-bit and 64-bit versions.

If password encryption will be improved there — of course, we’ll update Office Password Recovery accordingly. Though it is already good enough in Office 2007 — even with GPU acceleration, the password recovery speed is only thousands passwords per second (see some benchmarks at Distributed Password Recovery page), so even relatively short passwords are secure enough.