Cloud Office will be integrated with Open Office, which I think you may remember from the Sun days before Oracle acquired them. It will be a professional product sold to business users and can be hosted by telcos and ISPs. Open Office still exists on it’s own but as I understand the professional version with the cloud will have a strong resemblance. BD
The suite is based on OpenOffice.org, the open source office suite which Oracle owns. It's part of those assets, like Java, that Oracle acquired from SUN and that many people wondered what, if anything, Oracle would do with, because it's not directly related to Oracle's core business of enterprise databases.