Can Someone Explain Office 365 Streaming to Me?

Is this different than Office Web Apps? Can it only be streamed on Windows devices or is it an in-browser thing?

And Office Web Apps on Sky Drive has feature limited versions of word.

Does having a 365 subscription allow one to access the full version of Word/Excel/PowerPoint from the browser?

I'm asking this because I know I can't install Office on a Chromebook but would like the option to get a full version of Office so I can avoid breaking formatting on my essays.