In an article by Ed Bott, who attended the Office 365 Launch Conference, asked a few questions at the launch, one of which stood out to me. He asked about the development roadmap of the system and in particular SharePoint Online. As it stands SharePoint Online does not have the same feature set as the standalone on premise version (SharePoint Server 2010). John Betz (Microsoft’s Director of Online Services) is quoted as saying that Office 365 will be updated every 90 days, and that their ultimate goal is for SharePoint Online to have the same feature set as SharePoint Server 2010.
For more details check the article at: http://www.zdnet.com/blog/bott/office-365-three-questions-for-small-businesses/3503?tag=search-results-rivers