It depends what access rights your users have to their workstations. If
they have power user or administrator privileges then there will be no
problems at all.
Standard users will find that the spelling and grammar checker is missing.
See article 257643 at
http://support.microsoft.com. Also, the addins like
the organizational chart won't behave properly. You may end up having to
change file permissions for the Microsoft Office directory for things to
start working again. The clip art gallery will need some coaxing to work.
The VBA editor will need to be run as an administrator once for it to work
for regular users. There are many more issues.
You don't say whether you're a single user or you want to run a network
running using Office 97 on Windows 2000. If it's the latter, seriously
think about upgrading. It's not good to have your users running as power
users or admins. If it's for home use then Office 97 will be fine if you
don't need the feature of the newer products.
Hope this helps
Oli