It looks like Office 365 general availability on June28th was confirmed by the head of the Microsoft partner organization]
Office 365 is Microsoft’s successor to its Business Productivity Online Suite (BPOS), Live@Edu and Office Live Small Business products. Microsoft has begun educating its partners and customers about its BPOS-to-office 365 migration strategy. Packaging and pricing of the suite already has been announced.
Office 365 consists of Microsoft-hosted Exchange Online, SharePoint Online and Lync Online, and also includes for customers who want it, a version of Office Professional Plus that can be installed locally on PCs and paid for per month, on a subscription basis. Office 365 competes head-to-head with Google Apps, and a handful of similar services.