Noooooooooo. Office 2007 is bad enough! The complexity is getting ridiculous. Now everything is going to have to happen remotely? This is going to remove all control from the home user. You'll have to be on-line to do anything and you won't have any choice. The interface will be dumbed down and expert power users will be forced to kludge along with newbies, just like Office 2007.
Also, I hate IE8. Slow and slow and slow and clumsy. We'll be forced to use it though.
Keep it up Microsoft. Keep it up. We'll all go to OpenOffice eventually. I'm selling my MS stock.