Office 2010 Web Apps
Meanwhile, Microsoft Office 2010 Web Apps are 100% free to use, providing you have access to the Internet!
This is a new development from Microsoft; inspired by the success of Google Documents, Microsoft have built browser-based versions of the most popular Office applications, Word, Excel, PowerPoint and OneNote.
With all of the most vital functions built in, documents created on your PC can be opened in Microsoft Office 2010 Web Apps, while those created in the browser can be saved to SkyDrive, the free cloud storage system available to all Microsoft Live and Hotmail users.
In terms of a stripped down and flexible product, Microsoft Office Web Apps is the closest thing you will find to an Office 2010 Lite.
For more on Microsoft Office 2010 Web Apps, see my guide to the superb new browser-based office suite, Microsoft Office in Your Browser!