Yes, it will run on a Macbook Pro. BUT I found I was getting Word hangs, windows that would not refresh, beachballs left and right. This was surprising to me, because it runs fine (although slowly) on my Intel iMac running 10.6.2. Must be something different about the MacBook Pros; I would describe it as functional but only just.
Just installed Office 2008 and everything is MUCH faster, and no obvious misbehavior in any of the apps. As soon as I get home I'm dumping 2004 on that machine too...