Today we are making two changes. First, we’re renaming Office Web Apps to Office Online so you know where to find our free online experience. We heard from customers that the inclusion of Apps in our name was confusing. Are they something I install? Do I go to an app store to get them? No, to use them all you need is a web browser. Ah! You say. So it’s like Office, online. Yes, exactly. Office Online.

Secondly, a lot of you don’t know that we have an online version of Office because you just couldn’t find it. If you’re already using Office Online on OneDrive (formerly SkyDrive) or on SharePoint at work, great. We’re glad you found it there. You can still use Office Online just like you always have. But we’re making it easier to find for the rest of you by introducing Office.com, a discoverable and shareable web page so that you can start using Office Online right away.
Microsoft Launches Office Online [blogs.office.com]