Hi Richard,
Yes, that's correct. Just two weeks ago today (August 4) the new Office X
10.1.4 update was released. This update fixes some minor bugs in Excel,
PowerPoint, and Word. The main attraction of this update is the fact that
it allows Entourage to synchronize and access Exchange Servers. Entourage
is also able to send and interpret HTML to/from Outlook for Windows better
so that messages don't end up with small or large type on the other end.
The Office X 10.1.4 Update is free. I don't know whether the Student &
Teacher Edition ships as 10.1.4, but if it does not you can download it free
from Mactopia, as Hilton mentioned.
<
http://www.microsoft.com/mac/downloads.aspx#OfficeX>
You do not need to download 10.1.3, as the contents of that update are
included in the new 10.1.4 update.
If you're referring to a whole new version of Office, nothing has been
announced other than the fact that one is under development. When it comes
close to release time I'm sure you'll see something mentioning it on
Mactopia.