Sometimes I get this question. Here is a definitive picture on Office 365 experience on fruity products (Macs and iOS):
Office 365\Exchange Online:
One a mac, You can use Microsoft Outlook for Mac 2011, Microsoft Outlook Web App, Microsoft Entourage 2008, Web Services edition
On iOS, you can use the regular exchange setup for full calendaring email support. You can find the instructions here http://support.apple.com/kb/ht2480
In addition, you get the ability to remote wipe the device, and have data protection with SSL encrypted transmission.
Office 365\SharePoint Online:
On a mac, Using Office for Mac 2011, users can perform most common tasks such as upload/edit/save/view etc. of documents stored in SharePoint online. Using Safari 4, users can work with office web apps or do basic collaboration.
iOS users can use Office web apps to render content. You can find further detail on the experience here.
Office 365\Lync Online:
Mac users cannot use Lync Online with communicator for mac 2011 with Lync Online. You have to use Lync for Mac. You can also use the lync web app and use it to provide meeting IM, online conferencing, whiteboard sessions and polls etc.
iOS users will soon be able to use Lync (not released as of writing this, but it will be in a couple of weeks).