The update is compatible with the following versions of the software:
Office 2011, Office 2011 Home and Business Edition, Word 2011, Excel 2011, PowerPoint 2011, Outlook 2011, Communicator 2011, Office for Mac Standard 2011 Edition, Microsoft Office for Mac Home & Student 2011, and Microsoft Office for Mac Academic 2011.
The service pack makes a few changes to Outlook which now allows server-side rule support for Microsoft Exchange users. We also note that it doesn’t support MobileMe which we believe is an Apple problem and not a Microsoft problem. Hopefully this will be patched up at a later date.
You can get the latest update hear