Users will be able edit existing Microsoft office documents and templates with web apps but for creating new files, Windows Mobile 6.5 OS or above is required on your iPhone.
Word Web App: Word Web App lets you make quick changes in word documents with the help of familiar Word tools like spell-check, AutoCorrect, paragraph and font formatting. It also allows you to add pictures or tables to documents from your files or from Office.com.
Excel Web App: With Excel Web App, you can do anything from revising a budget with teammates to quickly tracking your exercise schedule. The app allows you to simultaneously edit the same workbook with team members across the globe or across the conference hall. You can edit formulas, sort columns, view charts, and make use of IntelliSense lists to create similar functions that you use from MS Excel.
PowerPoint Web App: You can run your presentation anywhere and edit them directly from the web browser via PowerPoint Web App. You can also add slides, delete slides, insert pictures, change paragraph and font formatting with the help of PowerPoint Web App.
OneNote Web App: OneNote Web App lets you store all your ideas and information at one suitable place online. You can share your notebook with everyone and simultaneously edit it by using OneNote Web App along with OneNote 2010.