Microsoft Office for Mac 2011 will be adding Lion-specific features in a forthcoming update, according to Office for Mac team member Pat Fox on the company's Office for Mac blog.
There is no date currently set for this release, but the waiting time will be measured in "months, not days."
The Microsoft Mac team is working to include support for Lion's Auto Save and Versions features, as well as supporting full-screen mode. In the meantime, you can use Office's own auto-save features as a safety net against losing your work.
In other news, the post also reminds users of Office for Mac 2004 that the older version of Microsoft's office suite will stop working if and when you upgrade to Mac OS X 10.7; running PowerPC applications on Intel Macs requires Rosetta, which is now a 10.6-and-lower-only feature.
And if you use Office's Communicator for Mac to do corporate instant messaging and video chat, a Lion compatibility update for that software, which fixes a crashing bug, should soon be showing up in Microsoft's Auto Update utility.