Short answer: NO.
MS really screwed the pooch on this one. They spent years convincing administrators the world over that we should make full use of group policy and "IntelliMirror". I’ve succesfully used GPO to deploy Office 2000, XP and upgrade to 2003. Along comes Office 2007 and we find that in Microsoft’s efforts to make us all users of XML, they’ve forgotten that lots of their customers use GPO to distribute Office. That functionality got left behind somewhere. I really hope they come up with a solution because this sends a really bad signal out to those who adopt solutions that are recommended by Microsoft. You could argue that we should be using SMS, CM 2007 or SCE2007 (latter two in the near future) but not everyone has a budget for those enterprise management poducts.
Darren Mar-Elia has done a lot of work looking at Office 2007 deployment. He’s the source of my information on GPO deployment no longer working. It’s well worth checking out. I did a document early last Summer for my last employer on how to distribute Office 2007 beta with Configuration Manager 2007 beta.