Sort of, so far Microsoft Office formatted documents will only be viewable but not editable. The beta for this begins later in the year.
C|NET article:
http://www.news.com/Microsoft-Office...?tag=nefd.lede
Microsoft Office Live page:
http://office.microsoft.com/en-us/of...CL101750181033
Adding this to the report of a new MS Works version with built-in ads, as well as the lower priced
Microsoft Office Home and Student package, Microsoft is stepping in to compete in the casual documents arena where
Google Documents has been expanding.
