Kevin M,
As per the official App release page, https://itunes.apple.com/us/app/owa-for-iphone/id659503543
itunes.apple.com/.../id659503543, you need at least iPhone 4S. The part that you've quoted from Office 365 Technical blog post seems to be incorrect.
http://blogs.office.com/b/office365tech/archive/2013/07/16/owa-for-iphone-and-owa-for-ipad.aspx
blogs.office.com/.../owa-for-iphone-and-owa-for-ipad.aspx
Pasting here the full requirements from official App release page:
Requirements: Compatible with iPhone 4S, iPhone 5, iPad (3rd generation), iPad Wi-Fi + 4G, iPad (4th generation), iPad Wi-Fi + Cellular (4th generation), iPad mini and iPad mini Wi-Fi + Cellular. Requires iOS 6.0 or later. This app is optimized for iPhone
5.