I have experimentally found by individually running the cleanup for "Office 2007" that it deletes the entire contents of the "C:\Documents and Settings\Owner\Application Data\Microsoft\Office\Recent\" folder.
Piriform needs to change the description on their items to explain WHAT is actually cleaned up under the "Applications" items. Is it just MRU documents or something more? I do not clear MRU's. For example, Piriform should say "Office 2007 MRU's", not just "office 2007", so I can deselect it.
EDIT: Yes I would like Office temporary files cleared, but recent documents actually serve a purpose. Until there is such an option, I'll have to deselect such application cleanups altogether.