I am hearing this buzz recently. It does not suprise me though, MS would certainly like its presence in future handheld platforms. List of feature that are said to be present in Iphone version are mentioned below:

• View, edit and create native Word, Excel and PowerPoint files and attachments
• Supports Microsoft Word, Excel and PowerPoint
• Includes support for Microsoft Office Word 2007 & PowerPoint 2007
• Full featured solution with viewing AND editing functionality
• Supports file and attachments received via e-mail, Bluetooth® or media card
• Unique InTact Technology retains original document formatting of edited files
• Integrated with BlackBerry Enterprise Server and BlackBerry Internet Service for reliable and instant access to e-mail attachments
• Spell checking for word processing files
• Advanced character/font formatting
• Advanced paragraph formatting
• Insert and delete tables for word processing files
• Insert and edit auto bullets & numbers in word processing files
• Sorting in spreadsheets
• Apply cell formatting in spreadsheets
• Insert and delete worksheets
• Insert, duplicate and delete slides in presentations
• English, French, Italian, German and Spanish versions available