Same horrible problem here, but I found a solution -- so far, anyway. Excel, Word and Pages kept crashing over and over. After a frustrating 1-hour call to Apple (in which the helpful tech kept reassuring me that Snow Leopard and Office have no compatibility issues, despite the fact that I was reading her the error messages on the screen), I said thanks, but I'll just reinstall Leopard and wait a while on Snow Leopard. That's when she mentioned that you can't just do that, you have to wipe out EVERYTHING on the hard drive and start from scratch. Bummer.
But then I thought, if I'm going to do that, why don't I reinstall Leopard and then immediately upgrade to Snow Leopard, then reinstall Office (I did the on-line updates after each step). That way I could maybe solve whatever compatibility issue was there originally.
So that's what I did, after backing everything up. Took over 3 hours by the time all the updates had been installed. And so far, so good. Every test I've given Excel and Word has passed, and I could make them crash every single time before the start-over (I only had to open an existing file and print it to a PDF to cause a crash).
I'll report back next week on whether the fix appears to be permanent.