Microsoft BPOS has, yet again, been something of a star of the Worldwide Partner Conference and a bunch of new features have been confirmed/announced. They are:
Exchange Online:
Sharepoint Online:
Office Communications Online:
Platform Updates:
There are some really awesome additions here, which will make BPOS hugely more attractive and credible to users in the mid-market segment. Some of the game changes are, in my opinion,:
Exchange Online:
- Transport Rules
- Legal Hold
- Unified Messaging
- Remote Powershell
Sharepoint Online:
Extranet & Anonymous Access
Cross Site Collection Search
Visio, Access & Excel Services
Office Communications Online:
Federation.
These new features bring Microsoftās Online Services so much closer to feature parity with their existing on-premise brethren which is what I, and most people, have been waiting/asking/pleading/clamouring for. The number of times Iāve had a customer opportunity collapse due to BPOS missing a standard and relatively basic feature isnāt funny!
This is a very positive move from Microsoft which will make the world of Online Services a much better place for Microsoft, itās partners and our customers š
Cloudy with a chance of Licensing 
What are the specifics of the Legal Hold functionality in Exchange Online?
@InfoKing
Understanding Legal Hold (Technet)
http://technet.microsoft.com/en-us/library/ee861123.aspx