Office Online offers web access to Microsoft's popular productivity suite online, with the documents being saved in the cloud for easy access anytime, anywhere. It doesn't offer the complete set of features offered by the desktop version, but it can easily handle most of the tasks for a normal user.
Recently, the Redmond-based company introduced a bunch of new features and improvements, based on the user feedback, to the online suite to enhance the user experience. The updates are rolling out as we speak, and introduced an improved reading view, file management and editing features.