Li Shenron
Legend
Hmmm... OGL perhaps with an online SRD. Or are we talking DDI and you don't need the books... as long as you maintain a subscription? Or perhaps something I haven't thought of. Anyway, It'll be interesting to see what this means.
My first guess is that there is a simple free online tool for creating a 5e character.
But it's limited to basic PC only: essentially the core 4 classes, core 4 races, fixed subclass and background by class, and perhaps up to level 5 only just like the Starter Set characters. Maybe to cut down the Starter Set price as much as possible, they removed character creation rules and refer to an online tool for that.
Note that Mearls doesn't say you don't need the books to play the game. He says you don't need the DMG, because it only has optional rules, magic items, and guidelines, but all the required game rules are in the Starter Set (basic game up to 5lv) and in the PHB (standard game up to 20lv). You also don't need the MM, because eventually some monsters are available elsewhere (adventures for sure, maybe a few might spring up for free on their website). You still need the SS or PHB to play the game! No SRD.