David Hunter has a blog post entitled Microsoft relaunches bCentral, calls it Office Live where he writes

Press release:

Sept. 23, 1999 — Microsoft Corp. today announced the launch of Microsoft® bCentral, a new portal created specifically to meet the needs of small and growing companies. Microsoft bCentral provides a comprehensive and integrated suite of services to help growing companies leverage the Internet to improve their business. The site delivers services in three key areas: getting a business started online by connecting to the Web and building a Web site; promoting and marketing online to reach new customers; and managing a business more effectively. A beta version of the new site will be available in the United States beginning Sept. 30, 1999, at http://www.bCentral.com/ .

Change the menu a little and call it Office Live and you have today’s announcement:

Feb. 15, 2006 — Microsoft Corp. today announced the beta availability of Microsoft® Office Live (http://www.OfficeLive.com), offering small-business customers a cost-free opportunity to experience the company’s new Internet-based software services firsthand. A milestone for the online services previewed last fall, Microsoft Office Live combines the power of software and services to deliver rich and seamless experiences to small companies that want a presence online.

Microsoft Office Live helps lower the barriers to doing business online by offering small companies a set of Internet-based business services. Designed for ease of use and affordability, the online services are designed to give small businesses the same advantages as larger enterprises by getting them up and running on the Internet quickly, easily and inexpensively.

There were no surprises from the various “preannouncements” yesterday or even from the original Office Live announcement...So what’s with the Office moniker? There had been some expectations, despite all the clues to the contrary, that there were to be online versions of at least some of the Office products. Those hopes were dashed...The use of “Office” in “Office Live” apparently connotes business usage, and that’s it...So I guess we take it for what it is. There may well be a play in the hosted “intranet replacement” offering if they roll out some useful applications, but that’s a story we heard about the now defunct bCentral too (e.g. [1], [2]). Presumably, Microsoft thinks they’ll have more luck this time around, but it’s not clear why.

The folks working on Office Live have big plans for the service. The big question is whether our execs will let them execute on their vision or whether we'll continue to practice death by risk aversion.