Technology giant Microsoft finally unveiled the latest version of their long-awaited office suite, Office 365. It’s been about three years since Microsoft revamped their popular office productivity software, and this latest announcement comes with the release of Windows 8 OS right around the corner. Microsoft Office 365 is only available for preview now as the Office 365 release date is targeted for this fall.

The biggest advancement for Office is its integration with cloud and wireless software. The idea behind it is it will become a subscription-based software that intertwines the user’s Office files to Microsoft’s cloud service, SkyDrive. Any device connected to the internet and runs on Windows 7 or Windows 8 will have access to the files. The user also has the ability to customize the settings and layouts. Through the magic of the cloud, these settings will automatically sync to
the device you so choose.

The Washington-based company notes that the suite will come in four different versions: Office 365 Home Premium, Office 365 Small Business Premium, Office 365 ProPlus, and Office 365 Enterprise. As mentioned above the Microsoft Office 365 release date is not until the fall of 2012.

In a press release today, Microsoft CEO Steve Ballmer said, “The new, modern Office will deliver unparalleled productivity and flexibility for both consumers and business customers. It is a cloud service and will fully light-up when paired with Windows 8.”

Here’s what you can expect from each version:

Office 365 Home Premium: In Home Premium, you’ll find the programs you’re probably most used to. It features Word, Excel, PowerPoint, and Outlook (among others). You also get 20GB of space on SkyDrive and a fun 60 free minutes of Skype world minutes.

Office 365 Small Business Premium: For SMB’s out there. This package includes the Office programs cited above, along with the likes of shared calendars, and HD video conferencing.

Office 365 ProPlus: For the aspiring or established conglomerates. On top of the aforementioned, you get 25 user accounts with 5 installs per use accompanied by intricate and advanced cloud management.

Office 365 Enterprise: Same as ProPlus with the addition of Exchange Online, SharePoint Online, and archiving and legal-hold to fully manage your company’s email in the cloud.

The biggest thing to take away from Office 365 is that it’s integrated seamlessly with SkyDrive and mobile gadgetry. Expect to see updated templates, layouts, and features from the flagship programs. Windows 8 is expected to hit the retail shelves in October.