Microsoft revealed technical specifications of office 2010 the new Version of office and this Web Based Version of key Application is free for windows Live Subscriber.

Microsoft reveals office 2010 suit come with few more edition than 2007 and features browser-based versions of Word, Excel, PowerPoint and OneNote will be available. For the full on-premise Office 2010, Microsoft has focused on the importance of the document, and on making common tasks easier and quicker.

Microsoft Word has better image processing capabilities, such as the ability to remove the background from an embedded photograph, while PowerPoint's image editing tools have been extended to cover video.

Microsoft Office 2010 gives you rich and powerful new ways to deliver your best work whether you’re at work, home, or school on a computer, Web browser, or Smartphone.

And One Note New feature of Microsoft gives you the ultimate digital notebook experience. Store and share notes in one single, easy-to-access location

Microsoft is still working on it and as per the source they going to lunch it from August 2009 itself.

Since I discovered Google docs, I stopped using MS Office. It's not the same quality but it's free and data are saved online automatically.