University IT is the service owner for the campus but the underlying Exchange infrastructure is hosted by Microsoft. Applications and services reside on Microsoft network servers and are accessed through the internet instead of local servers on campus.
Additions and changes to the service are rolled out frequently. Microsoft pushes out the same software updates to everyone at the same time. However, it is not possible to predict exactly when individual users will see the change because of the time it takes for cloud-based changes to appear in individual accounts.
Microsoft provides an Office 365 roadmap to show which features are launched, rolling out, and in development.