Pros

• Integrates in to Microsoft Office
• Has document manager that version controls documents and makes managing your documents easy
• Allow you to collect and organize links
• Integrates with MS Outlook so that you can access your Outlook information through the site
• Provides ducussion boards for your projects, shared calendar, links, and tasks.
• Allows you to add users and set permission for what areas the user has access to.
• Lets you view the complete document online
• Works well in Firefox.  Popup box were missing, but could perform functions displayed in pop up boxes in other ways.
• Aimed at small to medium sized organizations

Cons

• Does not provide an online office environment.
• Need to download the documents to edit them
• Only integrates with MS Office products
• Need to install an Office Connector
• Not intended for large organizations

All in all Microsoft Office Live is simple SharePoint.

Resources and Additional Reading

Review of MS Office Live on ARS Technica

Review of MS Office Live on CNET

Discussion of MS Office Live versus other tools on Computer Business Review

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