Office 365, Microsoft's cloud-based version of its Office, Exchange, SharePoint and Lync solutions -- intended to replace the BPOS, Office Live Small Business, and Live@EDU offerings -- is reviewed by the Paul Thurrott:
"Users can login to the Office 365 Dashboard, to access the web-based Outlook Web App, as well as Office Web Apps hosted on SharePoint called "Team Sites". Officer 365 also offers users to download to Lync 2010 client, Office Professional Plus 2010 (if using the correct license), and Office 365 Connector which configures system components to work with Office 365.
The new Lync client is an update to Office Communications Server 2007 R2 and it looks and works much like its predecessor. Lync provides IM, audio- and video-conferencing, shared desktops and apps, and more.
From an admin perspective, Office 365 dashboard offers similar simplicity. There's plenty of documentation, of course, but also management interfaces for users, security groups, domains, the actual web services (hosted Exchange and SharePoint, primarily), and deploying Office.
The beauty of Office 365, of course, is that it aims to work equally well for the smallest of businesses--literally, a business of one--and the biggest enterprises, and everything in between."