According to an article on Information Week and a post on Gizmodo, Microsoft is planning to release the web-based versions of the Office 2010 suite to users for free!
With other free options out there like Google Docs and OpenOffice.org, it is not really surprising that Microsoft would decide to release the lightweight web-based versions of Word, Excel, PowerPoint, and OneNote for free to web users with a Live account.
It is important to note that these are only lightweight versions of the full applications. For example, the web version of PowerPoint will not contain the complex video editing tools that are part of the full application. However, the web-based apps are also expected to include a few features that the full apps do not such as the ability to embed items into the documents as well as post them on blogs and other web media.
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I work in the K-12 Education field as a Technical Support Specialist / Web Specialist at the St. Joseph County ISD in Southwest Michigan. I also do a lot of freelance web development in my free time which I absolutely love doing. I am also an avid gamer when it comes to the PC or the XBOX 360 and have been known to enjoy a good LAN party. 
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