The elementary excitations of a model Hamiltonian that captures the lo
w-energy behavior of a simple twofold-degenerate Hubbard Hamiltonian,
with Hund's rule coupling, is studied. The phase diagram in the mean-f
ield limit and in a two-site approach reveals a rich variety of phases
where both the orbital and the spin degrees of freedom are ordered. W
e show that, besides the usual spin waves (magnons), there also exist
orbital waves (orbitons) and, most interestingly, in a completely ferr
omagnetically coupled system, a combined spin-orbital excitation which
can be visualized as a bound state of magnons and orbitons. For a com
pletely degenerate system the bound states are found to be the lowest-
lying elementary excitations, both in one and two dimensions. Finally
we extend our treatment to almost-degenerate systems. This can serve a
s an example that elementary excitations in orbitally degenerate stron
gly correlated electron systems in general carry both spin and orbital
character. [S0163-1829(98)10839-1].