Excel and some other Office 12 applications will have a "save as PDF" function. This was posted yesterday by Dick Kusleika (Daily Dose of Excel) and Chris Pratley (Chris_Pratley's OneNote WebLog) who both joined the 2005 MVP Summit.
A quote from Cris' website:
Today was a fun day. It was our last day with our MVPs visiting here at Redmond. This was one of the best MVP Summits for me - there was a lot of good positive interchange and solid feedback given by the MVPs on all our products. We demoed Office 12 applications in detail so people got a real sense of the totality of Office12. Lots of smiles!
One big smile was when Steven Sinofsky announced during his wrap-up Q&A this morning that Office 12 apps (OneNote included) will support "Save as PDF" natively. He then went through a demo of most of the apps showing each of them saving to PDF. Publisher (another app whose design team I manage) will even support CMYK output for professional pre-press work. Actually, the Publisher team did most of the work to support PDF over the last year. Then the other teams hooked up to the core PDF generator that they wrote from scratch.
It would be great if Excel 12 can also import PDF files.