As far as I know, it can only read the macros but not make new one. Office 2008 looks like a poor boy's Office 2004. Many things have been downgraded rather than upgraded. The apps don't talk smoothly with each other; some commands are outright stupid no matter what they advertise, some simply don't work as intended.
Since you are on Snow Leopard, your choice may be limited because Office 2004 is unstable under that OS. The major problem is PowerPoint that tends to crash and then becomes completely unresponsive. I have sacrificed quality for stability and bought 2008, although I do miss 2004.
They promise 2010 (or 2012?) version will get the macros back...
I am considering getting MS Office for Mac 2008, upgrading from my current Office 2004.
I know that Office 2008 for Mac does not support VBA. But I am not clear whether this means it does not support Excel Macros at all?
I need to use certain spreadsheets distributed by US Government agencies which are created on PC's and include Macros. Will I be completely unable to access these with Office for Mac 2008??
I use an iMac and MacBook with Snow Leopard.