New
#1
I can understand where M$ are coming from as they would far prefer a steady revenue stream when we are all using Office online and paying by the hour to use it but - I will never give up a locally installed version of Office given the often unreliable/slow net connection during peak times.
As/if 'the cloud' takes off, more and more users will be connected and the bandwidth can only get worse.
If your ISP has problems then you lose the ability to work until the connection is restored.
We already have some cloud applications here (application and data on a remote server) and in peak times the keystroke response times are far from ideal.
Just my opinion though