What happened to the Microsoft Office suite when I loaded Lion?

I loaded Lion operating system last night and rushed without reading all of the fine print. After the Lion was loaded I received a notice that Microsoft Office Suite was not supported. My questions are, 1) Can Lion support the Microsoft Office Suites (maybe a newer version) 2) Can I return to the previous Operating System?
Never mind!
Thanks

1. Microsoft Office for Mac 2008 & 2011 versions support OS X Lion
2. Yes, you can downgrade to Snow Leopard if you have up-to-date Time Machine backups, however I won't recommend you to do that.
Over the weekend Microsoft published a knowledge base article that outlines some known issues with Office for Mac on OS X 10.7. Overall, if you have Office 2004 and rely on it, then do not upgrade to OS X Lion until you have an alternative Office version installed (2008 or preferably 2011). Office 2004 is PowerPC code, and as with Intuit's Quicken 2007 and earlier versions, if you install Lion then you will not be able to launch Office 2004.
Resources:
[ Office for Mac 2011 installation frequently asked questions ]

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