http://office.microsoft.com/en-us/officelive/FX102412601033.aspx#Q6
IE and Firefox 2.0 will be supported.
The Office productivity suite represents a significant portion of Microsoft's annual revenue. No one in Redmond would willingly take a sharp blade to the throat of that golden cash cow, but Microsoft had to do something to appeal to people who have embraced software as a service concepts for, among other things, productivity applications.
Office Live Workspace represents a compromise. All the document sharing, none of the cannibalization. A Microsoft spokesperson said the service will be available at no charge later this year.
Each of the following screenshots are clickable; even I'm not mean enough to make you squint for details. The first one shows an event list date and calendar view, with the ability to create and manage schedules:
Here is a view of shared workspace projects and programs, with a listing of documents and files in the workspace and the status of each:
The last screenshot shows the ability to preview Microsoft Office files, in this case a PowerPoint slide, within the browser:
http://office.microsoft.com/en-us/officelive/FX102412601033.aspx#Q6
IE and Firefox 2.0 will be supported.
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Compatability
Let me guess, this will only work, or at least be fully compatible in IE!