Microsoft announced this morning that its upcoming Microsoft Office 2011 for the Macintosh will ship at the “end of October”. Like the previous 2008 edition, Office 2011 will ship in Home/Student and Home/Business editions, however both will sell at prices below the current versions.

Home/Student Edition – $119.00 list – (currently $149.95) contains updated Word, Excel, Powerpoint, and Messenger applications. A three-install Family Pack will list for $149.00.

Home/Business Edition – $199.00 list – (currently $399.95) contains Word, Excel, Powerpoint, Messenger, and the new Outlook eMail client (replacing Entourage). Outlook 2011 will have much improved compatibility with Microsoft Exchange corporate eMail systems as well as POP/IMAP improvements. A three-install Multi-Pack will list for $279.00.

Those purchasing Office 2008 Home or Business for the Mac from today until Office 2011 ships will be eligible for a free upgrade.

Microsoft has started a series of videos highlighting the changes in the upcoming Office 2011 suite.