As far as general, across-the-board updates for all apps are concerned, all three of the Office for iPad apps can now export files, including PDFs; they also all now have new Picture tool that enable you to crop to focus on the right of an image; and all apps also now have third-party fonts.
As far as the specific apps are concerned, the keyboard support for Excel has been improved, to make using Excel on the iPad seem more like a desktop experience. New print options have also been added to Excel, as well as a new “Flick to Select” feature, where you can select all the data in a row or column with a simple flick gesture.
PowerPoint gets a new Presenter View, whereby you can view and edit speaker notes, see the next slides, and jump to other slides when you are presenting on PowerPoint. Presenter Tools also let you erase highlights and drawing in a presentation. Other new media features let you play sound, video effects, and background music when presenting on your iPad. Videos can also now be inserted from your Camera Roll, and hyperlinks and be added and/or edited.
The Word app doesn’t get any specific individual updates beyond the general updates.
Source: http://www.macrumors.com/2014/07/31/microsoft-office-ipad-update/