There are a number of steps to refining the installation of Office 2007 on terminal services including:
 - Disabling first use dialogs
 - Disabling CTFMON
 - Applying patches
1) Preperation
 - Copy the CD contents to a network share
 - Extract the Office Customization Tool version 2.0 and copy the Admin folder over the top of the existing Admin folder on the network share as per 
http://support.microsoft.com/kb/929767
 - Create a text file with the name CTFMON.CMD in the Updates folder on the network share with the following commands:
%SystemRoot%\system32\takeown.exe /f %SystemRoot%\system32\ctfmon.exe
%SystemRoot%\system32\cacls.exe %SystemRoot%\system32\ctfmon.exe /E /D Users
2) Configure Setup
 - Run setup.exe /admin
 - Click OK to Create a new setup customization file
 - Enter the following settings:
Setup | Install location and organization name
 - Enter the organisation name
Setup | Licensing and user interface
 - Enter the product key without spaces or dashes
 - Check the I accept checkbox
 - Set display level to Basic
Setup | Add installations and run programs
 - Click Add
 - Enter [INSTALLLOCATION]\CTFMON.CMD for the target
 - Click OK
Features | Modify user settings
 - Set Microsoft Office 2007 system | Privacy | Trust Center | Disable Opt-in Wizard on first run to Enabled
 - Set Microsoft Office 2007 system | Privacy | Trust Center | Enable Customer Experience Improvement Program to Disabled
 - Set Microsoft Office 2007 system | Privacy | Trust Center | Automatically receive small updates to improve reliability to Disabled
 - Set Microsoft Office Outlook 2007 | Tools | Options | Preferences | Search Options | Prevent installation prompts when Windows Desktop Search component is not present to Enabled
 - Set Microsoft Office Outlook 2007 | Tools | Options | Other | AutoArchive | AutoArchive Settings to Enabled and uncheck Turn on AutoArchive
 - Set Microsoft Office Outlook 2007 | Tools | Account Settings | RSS Feeds | Synchronise Outlook RSS Feeds with Common Feed Lists to Disabled
 - Set Microsoft Office Outlook 2007 | Miscellaneous | PST Settings to Enabled, and set Default location to %HOMEDRIVE%%HOMEPATH%
Features | Set feature installation states
 - Set Microsoft Office | Office Shared Features | Proofing Tools | French Proofing Tools to  Not Available
 - Set Microsoft Office | Office Shared Features | Proofing Tools | Spanish Proofing Tools to Not Available
 - Set Microsoft Office | Office Tools | Microsoft Office Document Imaging to Not Available
Additional Content | Add Files
 - Click Add, browse to the Updates folder on the network share, select ctfmon and Click Add
 - Click OK to accept [INSTALLLOCATION] as the destination
Additional Content | Configure Shortcuts
Optionally remove additional shortcuts and modify the Outlook, Word and Excel shortcuts location to [ProgramMenuFolder]
Outlook | Outlook Profile
 - Select New Profile
 - Enter %USERNAME% for the Profile name
Outlook | Specify Exchange Server settings
 - Enter %USERNAME% for User Name
 - Enter a valid Exchange Server
Save the .MSP in the Updates folder of the network share
3) Apply Updates
Office 2007 Service Pack 1
 - Download SP1 
The 2007 Microsoft Office Suite Service Pack 1 (SP1)
http://www.microsoft.com/downloads/details.aspx?FamilyId=9EC51594-992C-4165-A997-25DA01F388F5
 - Extract the files with the following command:
office2007sp1-kb936982-fullfile-en-us.exe /extract:C:\temp
 - Copy all .MSP files to the Updates folder on the network share
4) Installation
 - Run setup.exe to install