Microsoft MacBU (Macintosh Business unit) announced a beta release of their Office Open XML Converter. With this update, Microsoft Office X and 2004 users can save to and open the new Office 2007 XML file formats including PowerPoint and Word files.
According to the site, “This version of the converter improves conversion of Word documents that contain XML content, inline graphics, hyperlinked graphics, WMF/EMF graphics, SmartArt graphics, tracked changes in the document header and footer, Unicode characters, and Japanese Rubi fields”.
Read more on the Microsoft site.