"Office Genuine Advantage Notifications (KB949810)
Office Genuine Advantage Notifications is part of Microsoft’s effort to reduce software piracy. Installing this software will help confirm that the copy of Office install on this computer is genuine and properly licensed. If the copy of Office installed on the computer is not genuine, the software will provide periodic reminders to help you take appropriate action and protect yourself from security threats posed by counterfeit software. "
More details at http://support.microsoft.com/KB/949810
Looks like MS Office is phoning home to make sure it's not a pirated copy.
Haven't done any further research, so let me know if anything else turns up!