Microsoft today announced, to a relatively large amount of fanfare, the release of Office Live on November 15th. The press release has all the facts, with Mary-Jo Foley providing some good analysis. The highlights are:

• A change in the offerings, with a Premium level now being offered alongside Basic and Essentials
• Increased storage across the packages, with upto 2GB of web storage available for Premium users
• The inclusion of Microsoft Office Live adManager Beta, which works with Microsoft adCenter, to deliver and place subscribers’ keyword ads on Windows Live Search

Not content with merely regurgitating the press release, we've also learnt that Office Online is expected to be relaunched on November 13th, featuring advertising powered by MSN adCenter. With both Office Online and Office Live updating at the same time, the lack of web-based Office applications becomes even more apparent. With Ray Ozzie saying that they have no plans to launch a web-based Office suite "in the near future" we're looking at Office 14 to go some way in filling the void.