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Microsoft seems to be developing a new application designed to enable "rapid email conversations on your phone with the people who are important to you."
That new application, called Flow, is meant to be an adjunct to Outlook, according to a download page for the new app, marked "Microsoft Confidential", which was discovered by @h0x0d on Twitter.
The header of the download page calls the app "Flow by Outlook" and indicates the coming app will be available for iPhones. Report: Microsoft Working On Light_Weight eMail App, "Flow" [zdnet.com]