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Log on as a user, and you'll see a basic start page that gives quick access to web mail and SharePoint team sites, as well as download links for applications. You'll also find help in setting up a desktop PC to work with the Office 365 service.
If you've used Outlook Web Apps with on-premises Exchange, then you'll find the online OWA that's part of Office 365 very familiar.
Exchange Online gives you the tools to take control of mail flow inside your business, managing server rules. You can also use Forefront Online Protection to add additional anti-spam and anti-malware controls.