I have office 2003, MS has given updates for the compatibility packages for office 2007 and 2010,. there was also an overall update for Internet explorer, that was given to xp also.
I do not have automatic updates service enabled, every now and then I enable it and Bits service and run a check at microsoft updates, but I only allow downloading, I choose to install or not.
I checked with microsoft updates, I had 2 office updates and the Microsoft malicious software removal monthly program.
there were also 6 optional updates which I have not, nor will install:
windows power shell, base smart card, windows search 4.0, silverlight, skype for windows xp, and windows essentials live.
you can always set your automatic updates, if you have it running to download only, and then you can do a custom install and choose which updates you want installed.
For example, I chose to not install the end of notification update and now it remains hidden and MS always wants me to restore and install, but I choose not to.