Microsoft is working on an update to Office for Mac that will add new Lion-powered features such as Autosave, Versions, and full-screen mode.
Unfortunately, Microsoft said in a blog post that it could take months to integrate those features into Office 2011.
It's also important to note that if you're still using Office 2004, it will not work with Lion. You should either upgrade to Office 2011 or check out Apple's iWork apps.
For a free option, you can also try free open source software like Neo Office.
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