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The Office Mobile for iPhone app lets you create Word and Excel documents from scratch. PowerPoint presentations need to be made elsewhere, but you can still view and edit slides, move slides around, and edit your presentation notes.
The new app, by the way, is officially dubbed "Office Mobile for Office 365 subscribers" in the iTunes Store, but Microsoft is referring to it in press materials as Office Mobile for iPhone.
In PowerPoint you can edit the text that's in a slide, edit the speaker notes (that only you see during a presentation), and you can reorder slides.
Though it's not nearly as robust as the desktop or Web versions, you can still edit cells, add formulas, and create charts and graphs in Excel.
Simply highlight a column of data and use the Create Chart button to choose from six different chart types. Office Mobile will create a chart immediately and put it in a new tab.
When you create a document at work, but want to make edits on the road, make sure you download the latest version of the document.
Though the app is free, it requires a subscription to Office 365 to use it. If you want to check out both the app and the service, you can start a free trial at Office.com.