We had to wait for it for a long time, but Microsoft finally announced that Process Template customization is finally coming to Visual Studio Online.
- Shared process: A fully customizable process template can be shared over multiple team projects meaning that you only have to change the template in one place to apply it for all projects
- Inherited process: Apply a lightweight set of customizations on top of the default templates, allowing you to get all the upgrades when these templates evolve
- Simplified customization: The customization model will be simplified and a new (web based) tool will be available
- Improved Work Item Form: The existing work item form will be replaced with a new and fancy alternative
More information can be found here: http://blogs.msdn.com/b/visualstudioalm/archive/2015/05/05/visual-studio-online-process-customization.aspx