I am also getting the error.

I have both Office 2003 and Office 2007 B2R installed.

In the past, every time Microsoft sent out security fixes for Office 2003
via Microsoft Update, it would cause Office 2007 to fail because an older
version of OLMAPi32.dll would be installed. I would have to reinstall Office
2007 Beta. That would always fix the problem.

This time, however, even after I have reinstalled Offce, I am still getting
the error. I think it's the first time we've had Office updates via
Microsoft Update since the Beta 2 Technical Refresh was released, so it may
be some interaction with that. In any event, it is very annoying...