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The ribbon UI looks great but after the good look, I do not find it quite usable for several reasons:
1. The people used to know the old menu and the functionality it provided. When Office 2007 was released, everybody had to learn where everything was relocated.
2. The excuse: "everything is contextual and organizated by functionality" is due to the bad organization in the pre-2007 Office menu... the menus should contain everything organizated by functionality too!
3. All applications have File | Edit | View options and everybody knows where their things are and what's their functionality. I do not see why removing such very standard menus to other places.
4. They also replace the hot keys to new ones! That's unforgiven!! Edited 2008-10-13 16:36 UTC
All those reasons boil down to "I don't like it cause its different".
In all honesty, that is a valid response. If you take the time to gain a level of competence with things one way, of course you will not be as comfortable with something designed completely differently. The question that comes next is is there enough benefit to the different way to make it worth learning? I have yet to meet a single person who has taken the time to learn 2k7 that does not absolutely love it. Im not the biggest office user personally, but I really hope MS extends the ribbon ui to their other products that have an insanely complex toolbar/menu system (like studio).