Hybrid deployment is a connection between your Exchange organization that is on-premises and Exchange Online. This connection is a federation that is done by Hybrid Configuration Wizard (HCW) that performs several steps:
- The configuration of SMTP connectors between Office 365 that gives the mail flow in both ways using your certificate with TLS.
- The implementation of the global address list is shared between the two organizations.
- The federation of free/busy that gives you the possibility to have the availability in calendars between users connected on each Exchange organization (on-premises and online).
- You can continue to use http://webmail.yourorganization.com, where you can change yourorganization.com to ...