Hi Patrick, thanks for watching.
Today as you probably know there is no integration between our on-premises Release Management solution and Visual Studio Online. If you want to use Visual Studio Online but still take advantage of Release Management on premises, I have seen some customers set up integration bridges between the two. This is fairly straightforward to do if you are using Git. So for example you would do your day-to-day work in VSO, then set up a mirror between the VSO Git repo and an on-premises TFS server's Git repo. You could then check into VSO, mirror your changes to TFS, trigger a build, and have RM deploy it.
In a scenario such as this you would be required to have user licenses for VSO and TFS, as well as a TFS server license, and the appropriate Release Management deployment licenses. If you already have MSDN Subscriptions then this would cover you for the user licenses and TFS server license. If you had VS Ultimate licenses this would also grant you an allocation of Release Management deployment licenses.
Feel free to keep the Channel 9 conversation going if I didn't fully answer your question, although I also wanted to point you at the Visual Studio Licensing Whitepaper which might be helpful.