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is there a lync online web application client experience available as part of the o365 beta?
If so what url to I use off of the o365 company landing page to access it.
You can access Lync lite version under OWA called Presence.
It's on the lower left corner called "Contact List". You can drop down the menu on your display name to sign in to IM at the right top.
But the feature is not available for light version of OWA and incompatible net explorer.
Operating system type
Windows Internet Explorer 7 or 8, Firefox 3, and Google Chrome 3
Safari 3 or 4
This allows me to set my presence...is initigating a web client based lync IM exchange with someone assumed to be intergated into the o365 owa UI?
Correct, Presence can be updated such as Available, Online, Busy, Be right back, Do not disturb... by manually set through OWA. In the meanwhile, the Presence will be automatically set to the corresponding status due to Free/Busy information reflected from your the calendar and task.