I just installed Office with our Volume license installer on a clean OS X 10.8.3, then 14.1.0, then 14.3.2. The last update blew away the license, leaving me at the serialization wizard on first launch. It were as though no license had ever been present.
I started again, and launched Outlook after the initial installation of Microsoft Office, then applied the updates. The product retained it serial number, and prompted me to upgrade the database.
This is a big problem if one intends to roll out Office 14.3.2 to new machines.
Can anyone else confirm?