Not only that, Office even works ENTIRELY offline.
And it opens all our documents absolutely perfectly EVERY TINE.
Yes this is facetious: Google have forced peoples standards down.
Especially when you don't have your own backups of the data, as usual with these kind of services. Outages, unexplained data loss, services being shut down, users being locked out for unrelated reasons (oh you didn't put your real name in G+?), unexpected changes to the interface and software, the list goes on.
The vendor lock-in is even worse than when using closed-source software with DRM. At least you can keep running those (if necessary in an emulator) when discontinued, or reverse engineer them...
Or cloud services are great, until it rains ;)
Despite the name, Office 365 isn't really about Office -- you already have it -- it's selling web-based SharePoint and other services.
Most companies have "almost acceptable" support. You can talk to someone, they talk back, and most of the time (not always) they can solve your problem within 40 minutes of waiting on the phone and forwarding you to 6 others.
Then there are companies like Google and Microsoft. They deliver products, not support. Having trouble with Windows? Try talking to whoever delivered your pc. Not those who made the product and know everything about it, instead you talk to the person who sold you the system. That's like asking a 17-year-old working in a supermarket about why the doctor prescribed a product of theirs. Smart move by the doctor though, he makes way more money when you come in than when he explains his prescription to you on the phone.