OK..I know the stuff below looks SDKized ..because I pulled it up from a document, just for an FYI for you

New features of Outlook Editor that WILL work even without word

Navigation via Thread

Panning

Hit Highlighting

Business Cards

Autoformat

All autoformatting behaviors, with the exception of hyperlinks (see next section) will be disabled.

This includes AutoIndent for Tabs; AutoFormat of bullets & numbering; etc.

Hyperlinks

Still  “Internet and network paths with hyperlinks” will be autoformated

AutoText

All autotext functionality will be disabled & removed from the UI.

Background spelling

F7 to run spellcheck will still work, but there won't be red squiggles and background spelling.

Synonym lookup

“Look up” will still work but you won't be able to right-click on a word and look up the synonym.

Smart Paste

Smart Paste functionality will be disabled.

Databinding and Placeholders

There will be some powerful solutions that are possible with databinding and placeholders. Any functionality like that will require that Word is installed on the machine.

Note: The ability to use the insert business card feature of Outlook will NOT be disabled. 

Any and all table functionality

There was no table support in the Outlook 2003 Editor. The only way to get a table was to copy it from somewhere and paste it in. The same will be the case here.

Delete

You will have the ability to select across the entire table, rows or columns and hit delete.
You can also delete a table by selecting the anchor and from toolbar Table -> Delete -> Table.  

Move, Adjust

You will be able to move the table as a whole as well as drag Rows or Columns within the table. 

You won't be able to adjust row, column, cell, or table dimensions.

Save As

Presses “save” will save the message into the drafts folder.

Upon choosing the save as dropdown, you will only get the following formats:

Web Page (.htm) if the format of the message is HTML

RTF (.rtf) if the format of the message is RTF

Plain text (.txt)

Find/Replace Go To Tab

The go to tab in the find/replace dialog box will be disabled. 

Citation and Bibliography

You won't be able to insert citations or a bibliography.  The entire “Reference” tab will be disabled.

Header and Footer

You won't be able to insert headers or footers.

Review and Comments

The entire Review and Comments tab and all its chunks will be disabled. 

Captions

There won't be any way to insert captions for tables, pictures, or any other features.  

Object Model

Obviously the Word object model won't be accessible.

New features in Word that WILL be disabled

Quick Formats: All quick format functionality will be disabled

Office Style Sheet: There will be no way to leverage Office Style Sheets.

Drawing tools: There will be no entry point to the drawing tools.

Charts: Chart UI will not be available.

Diagram: Equations (will only be represented as images), Equations UI will be disabled. It can be pasted into the file, but not edited or inserted in any other way.