Today, Microsoft renamed its Office Web Apps to Office Online, which will make the free versions of Word, Excel, PowerPoint and OneNote more accessible to users. Previously the Office Web Apps were buried under SkyDrive service.
At the site Office.com, users need to get started with a Microsoft Account (available with any email address) or they can also signup to Outlook Mail to enjoy the full free web suite of Calendar, Contact and the personal Cloud based storage OneDrive formerly known as SkyDrive. Office Documents will be stored in OneDrive service.
All the Office Online Apps such Word, Excel, PowerPoint have the same look and feel as the standalone versions. There are tons of templates that are available to create new document. Sharing and Real-Time Co-Authoring options are available.