The release of Service Pack 1 for Microsoft Office 2010 and Sharepoint 2010 is coming mid-summer of this year. There will be more updates and details coming during TechEd in mid-May.
As we briefly discussed on our last SP1 post, changes to Office and SharePoint products are cumulative. Any updated packages we ship (Word.msp, for example) contain Cumulative and Public updates to date. This is an advantage of Automatic Updates that is often unrecognized – keeping current significantly reduces the amount of testing necessary for Service Pack releases because those Public Updates already include the Cumulative Updates for the affected products / packages.