Offering a number of improvements and fixes, Microsoft Office for Mac 2011 14.2.3 more importantly resolves a security vulnerability with folder permissions in certain Office for Mac 2011 14.2 versions, which could enable an attacker to run a malicious executable and take control of your Mac. Apart from the beefed-up security, the release also improves stability in Excel when dragging to move a PivotTable row or column, improves Full Screen View integration with Word, and fixes an issue with some SkyDrive folders displaying as zero-byte files. The update also addresses several IMAP issues in Outlook, resolving a problem where some configurations repeatedly displayed “Cannot create mailbox” errors, fixing duplication of email messages when connecting to Gmail using IMAP, and adding a setting to control the polling interval used with IMAP servers to avoid intermittent “Too many simultaneous connections” errors. (Free update through the Microsoft Web site or Microsoft AutoUpdate, 110 MB, release notes)
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I also document a workaround in that thread.