So it would appear - i must firstly thank Agent Jones for sending this in - extremely kind! A group called the "Holics Project" have, according to various reliable resources, successfully released a working "crack" that disables Office 11 Beta 1s WPA (Windows Production Activation) module. A source close to Neowin has confirmed the crack to be a working example of software that "breaks" WPA, for now at least.
This really is quite a blow to Microsofts anti-piracy effort. Not only is it an embarrassment, but unlike previous Microsoft cracks this crack patches files, as opposed to simply reseting timing mechanisms. This proves a major "advancement" (if one might call it that) against Microsofts anti-piracy mechanisms. The crack patches the files "Mso.dll", in a similar fashion to Office XP cracks.
However, one can surely rely on Microsoft for a swift update and code change. This is only the first beta, and as such is likely to carry much code from previous versions. Microsoft arent really under any major pressure to get this out of the door, and hence have much scope to adapt their code to make this patch un-workable.