I have assumed from the begining that MS Office "Live" was going to be an online version of the office tools, but from thier page,
microsoft.com/office/officeliv ...
it looks like something completely different and altogether much less useful. So which is it?

Maybe they wanted to do an Office Live (online MS Word editing etc.) but then figured it was too hard to implement... but they already had the domains reserved and the logo designed and... OK, I give up, I don't know. The name is very, very misleading.