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Oracle probably has not yet tested against it. There is always a risk being the forerunner. The honest advise is to wait until all the bugs have been worked out (by other people first). Good luck.
Office 365 Web Apps are not supported and cannot be supported as there is no platform for add-in's in that environment. http://www.microsoft.com/en-us/download/details.aspx?id=13602
Most Office 365 uses cases and users end up with Office installed on the desktop and at that point we are talking about normal Office Support. Right now it is up to the Office 365 administrator to determine the version of Office to be used by their 365 users. http://onlinehelp.microsoft.com/en-us/office365-enterprises/ff637585.aspx
Short answer is that Smart View does not support Office 365 Web Apps and there are no plans to support the Web Apps.
Thanks for the quick response.