The names are kind of self-explanatory. It is indeed a 60-day trial and what happens after the 60 days expire is that although you will have the Office programs there, they will be reduced to essentially being nothing more than viewers for their respective file types; you would neither be able to edit existing nor create new documents.
A screenshot would help though to more easily identify if this is a 60 day trial. Regarding the Primary Interop, Business Connectivity and Web Components, they are generally companion pieces to Microsoft Office that although they would continue working properly (at least the Web Components and Primary Interop [which assists with some Office add-ons]), they wouldn't be of much use without Microsoft Office.