Microsoft announced its new version of Office along with a new online subscription. Office 365 Home Premium will bring an complete set of Office products (Word, Excel, PowerPoint, OneNote, Outlook, Publisher and Access), 20Gb of cloud storage from SkyDrive, and free 60 min of Skype calling a month across five different devices like Windows tablets, PCs, and Mac for $99 a year with a 30-day free trial. Office 365 will be updated more frequently with new features instead of the traditional three year release cycle. Microsoft will still offer its traditional suites: Home and Student 2013 ($139.99), Home and Business 2013 ($219.99), and Professional 2013 ($399.99) digitally only.
Source: Microsoft News Center
UPDATE: Microsoft posted an introduction video of Office 365 Home Premium