There will be a free version of Microsoft Office 2010
It is clear that you will not be getting 100% of the features of Word and Excel in the free version but most features will be there. Fonts, font sizes, bold, italics, aligning, underlining, images, etc should be all there. More advanced features such as word count may be disabled to upsell you to more expensive versions of Office.
Will a free version of Office 2010 be available for Mac?
This still remains to be seen but there is no reason why this wouldn't be done as it is essentially a stripped down version of the Office suite.
Will the web version of Office 2010 be free?
Most liekly yes and with more expensive versions you'll get access to more online apps - so you would just get Word and Excel, but more expensive versions would give you access to Publisher and Powerpoint.
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