Now with 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.