The Office Service Pack Team announced Service Pack 2 for 2007 Microsoft Office System. This new service pack will be released between February and April 2009. It will contain both client and server updates. At a high level it will contain the following for Project Server 2007: Improvements around processing status approvals from Office Project Web Access into Office Project Professional 2007
For SharePoint specific updates check this initial post: http://blogs.msdn.com/sharepoint/archive/2008/10/24/prepare-for-the-upcoming-office-sharepoint-server-2007-and-windows-sharepoint-services-3-0-service-pack-2.aspx
Stay tuned for more information.