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Not all functionality appears, but the very basic and only necessary features are built-in to the Office Web Apps. These will include styling, formatting, formulas in the case of Excel, and picture management.
As a site administrator, you are able to create custom pages without having to concern yourself with basic HTML or advanced coding.
The site is WYSIWYG ("what you see is what you get") and is also mobile enabled, allowing you to write and insert whatever you want - from meetings to important notes and documents - and mobile users can see these documents and notes too.