First, if you want the new Office app, you will have to be an Office 365 subscriber. That’s $12.50/month/user, if you want to be able to use the app (although you can get a free trial).
Second, the new app is only for iPhone. There is no iPad version.
That said, holy cow, you can finally get Office for iOS! Here’s what it looks like:
As you can see, it is fairly limited, and Microsoft has ignored Apple’s interface guidelines (as usual) on things like selecting text. But if you are an Office 365 user and you have always wanted to be able to edit documents on your iPhone, now you can.
For everyone else, keep waiting.