There eventually will be a backlash to this. Enterprise groups AND legitimate home users, rare as they may be, don't upgrade every software cycle, but the subscription model forces them to. Many may choose to simply do without, or (dare I say it?) look at open source alternatives.
It's a money grab, plain and simple.
Anyway: MY main problem with Office 365 and Office for iPad is that it's tied to OneDrive. That's nice, but quite a lot of the people I work with are heavily invested in dropbox. And so am I.
Frankly, Microsoft can charge me the same amount and foist OneDrive storage on me that I'll never use. That's perfectly fine. But I'd like to also have the option to use Dropbox as well. Without this capability, I'm still tied to my desktop to transfer field on OneDrive over to dropbox and back.
Between iCloud, dropbox and OneDrive, the cloud is getting siloed and fragmented.