But there are other points to consider, too, if you're unsure about the idea of "Office in the cloud" ... like I am, to be honest.
First, in spite of its new "Office 365" naming conventions, the new Office 365 Home Premium and Small Business Premium SKUs are not cloud-only. They are sold on a subscription basis, meaning users agree to "rent" the Office software for a year when they purchase them. Both of these allow users to install local versions of the key Office 2013 apps onto their PCs and tablets for use when offline. That's a relief, to me. I am not ready to go cloud-only with Office -- even though I admittedly use Notepad for my basic word processing needs more than I do Word these days.
While they aren't cloud only, these two brand-new Office SKUs -- which Microsoft first introduced in July -- do offer some of the upside that users get when they use Office 365 and other cloud services: Namely, you get regular feature updates and bug fixes in a regular, more timely manner. You don't have to wait for Service Pack 1 or Update Pack 1 to get these. Instead, those who subscribe to Office 365 Home Premium or Small Business will get these updates on some kind of regular schedule (at least twice a year to start, the Softies say).
There's also the new "household" license which Microsoft is introducing as part of the Office 365 Home Premium and Small Business SKUs to consider. A "household" license is much like a family pack. It will allow everyone living at a single address to be considered a pool of users. This pool will be able to install the new Office 365 SKUs on any combination of up to five Windows PCs, Windows tablets and Macs for a single price.
I'm somewhat of an anomaly here. I am a one-PC household. (I do have an iPad, but that is not currently covered by this household license. It's Windows and Mac OS only.) So why would I agree to "rent" Office for use on up to five devices for a year?
If I think about Office subscriptions more like music subscriptions, I get a little less queasy. When you subscribed to Microsoft's ZunePass service, you paid for the rights to listen to music on certain devices for a set period of time. When you stopped paying, you no longer could listen to that music (unless you had purchased it using song credits or points).
In the case of Office 365 Home Premium and Small Business Premium, if you stop paying for those SKUs after a year, you'll have a grace period to figure out what to do with your stored information. In the case of Home Premium, users will be able to download their saved SkyDrive- and/or locally-saved data, open it with Office Web Apps and read/print it for some set period of time. (Microsoft isn't currently specifying how long that will be.) In the case of Small Business Premium, you'll have some kind of currently-unspecified grace period, as well, when you can access, read and print data stored in SharePoint Online.