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Pro Allows for real-time collaboration
Multiple people can work on the same document at the same time.
Pro Easy to transition from MS Office
Office 365 is laid out the same way with a similar ribbon interface that will be instantly comfortable to long-time Microsoft Office users.
Pro Excellent integration and compatibility with MS Office desktop applications
Pro No installation required
Uses proprietary software.
Con Unusable for business in the EU
Cloud applications are mostly incompatible with the EU general data protection regulation.
Con Dependant on having an Internet connection
Con Has only a fraction of Microsoft Office functionality
Office 365 is not a complete replacement for Microsoft Office. The most advanced functionality still can only be found on the desktop.
Con Cloud dependent
Does not edit local files, they have to be synced first.