Microsoft's new antispam and antivirus engine is called Exchange Online Protection (EOP).  In general, EOP offers the same capabilities as the previously known ForeFront Online Protection for Exchange (FOPE), with improvements such as a streamlined management console, better reporting tools, a new policy rules engine based on transport rules, EU routing capabilities, and enhanced anti-spam capabilities.  Here is a feature-by-feature comparison of and EOP.

Also, check out the service description for EOP:
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