Want Microsoft Office but not at the extreme prices it commands on retail shelves? Microsoft is bringing a subscription-based version of its Office application suite called Equipt to consumers, and sooner than predicted, at a price of $69.99 per year.

Microsoft has previous said the Equipt package will arrive starting in mid-July; rumor has it the official launch date is July 15.

Equipt is a specialized version of Microsoft Office Home and Student 2007, which includes Word, Excel, PowerPoint, and OneNote, plus a smattering of services which are already free for the most part: Windows Live Mail, Messenger, and Photo Gallery, for example. Notably, Outlook and Access are not included in the package. Windows Live OneCare, Microsoft's iffy, $50-a-year security suite, is included as well. Oddly, Equipt will be on sale initially only in Circuit City stores.

$70 for a year of service sounds pretty cheap, but it's not such a great bargain in comparison to the list price of Home and Student 2007. While the full version of Office runs a whopping $449 from some retailers, the stripped-down H&S edition can be found far more cheaply. It isn't hard to find a rock-bottom deal if you shop around. Dell is selling the software for just $84.99, a mere $15 over the price of Equipt for the privilege of ownership instead of a one-year lease (if you're willing to forgo OneCare).

There is at least one saving grace: Equipt can legally be installed on up to three computers for the single $70 fee. Standard Office can officially only be installed on one (though it's usually not a problem to validate it on two PCs, which Microsoft allows in the case of people using two computers but not at the same time, like a desktop at the office and a laptop at home). If you've got a bunch of computers and none of them already have an Office application installed, Equipt becomes a somewhat more compelling idea.

Part of Equipt's selling strategy is simple, central updating to keep everything up to date, but that also comes at the cost of Microsoft snooping into your computer. (Microsoft's track record on simple software validation isn't exactly stellar; now it wants to keep tabs on your subscription status?)

Is $70 a year too much to pay for software rental? How much is Office worth to you... without Outlook, that is?