OnLive Desktop, a new app and service that provides a cloud based PC desktop is now available.

[Update: Macworld discusses the product.]

The company describes the app as follows:

• Instantly view, edit and create documents using actual Microsoft® Office Word, Excel and PowerPoint
• Easily transfer files between OnLive Desktop and other devices
• Experience high-performance, instant-response PC applications
• Interact with lag-free animation and video

Based on groundbreaking video compression technology, OnLive harnesses the power of cloud computing to deliver a seamless, no-compromise remote PC desktop solution.

You are required to visit and create an account. The account will be activated on a first come first served basis. Once created, you will be able to log in using your iPad app. The product is currently available in North America and the UK. The investors in the product include Warner Bros., Autodesk, Maverick Capital, AT&T, British Telecommunications (BT), The Belgacom Group, HTC and Juniper Networks. See this site for details.

Once you have created your account and downloaded the app, the company promises that you will be able to work from anywhere to create, revise and analyze Powerpoint, Word and Excel documents.

Onlive Desktop standard is currently free and allows up to 2 GB or storage. The pro version, starting at $9.99 a month is coming soon and will allow you up to 50 GB of storage and other functions. Read more about the service plans here.