[I]It would make a great story if Microsoft redefined itself and found its way back to its former 90s desktop glory days, but it's just not true, Mini-Microsoft not withstanding.[/I]
That would take daring of the kind a startup has. A young company with nothing to lose and everything to gain. A few mavericks who dare to take on the incumbents. Microsoft is an incumbent itself now. It will take a near bankruptcy to force MS to reinvent itself IBM style.
[i]It's just the same old, same old application bloat we've been seeing for years and that's just not what I want from my office suite.[/i]
They have no other choice. They have been adding on stuff for years and they have been preserving backwards compatibility for so long, that people have come to expect the same, but with more glitz.
Since MS is an Empire, they try to play it safe. Reinventing their whole stack is a risk they are not willing to take. A complete rewrite of Windows and Office, removing the legacy cruft, would make them young programs again, with all the risks of the market possibly rejecting them. It would also remove a lot of lock in to the legacy Win32 API. MS won't take that risk.
Even if the RMS Microsoft is slowly getting overloaded and decrepid, a slowly sinking ship is better than a new fast cruiser which is out of the race.