Officially joining the browser-based productivity game, Microsoft late Monday released the browser-based versions of Word, Excel, PowerPoint, and OneNote.

The Office Web Apps, as the programs are dubbed, are slimmed down versions of the desktop counterparts, allowing for document viewing, sharing, and lightweight editing. Consumers get free access to the tools, along with 25GB of storage as part of Windows Live, while businesses can also host their own version of the Web Apps using the latest version of Sharepoint. The main catch is that using the browser-based versions require an active Internet connection.

Find the full story over at CNET News.

One of the most interesting this from a Corporate IT perspective, is that now millions of Hotmail users will have access to more modern word processing tools than they do in their work environment. What will that mean for corporate IT?