Microsoft Office 12 will be Office 2007
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Well I saw Office 12 demo's at IT Forum where the apps were named Office 2007, also as mentioned earlier on Bink.nu, the name change of all office apps now have the name Office in them. So "Microsoft Office Word" and not "Microsoft Word"

Now with Office Online Beta (Office Online Beta) the name Office 2007 appears again, so we can expect to launch as Office 2007.

I also saw Exchange 12 as Exchange 2007, this might change to Exchange 2008 cause it will be released in Q1 2007. On the other hand marketing would like to see the names in sync. Nice detail is that the binaries for Exchange 12 are 8.0 while Exchange 2003 are 6.5.
7.0 had codename Kodiak and was cancelled.
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News Source : http://bink.nu/Article5975.bink