Pros
Now, pretty much everyone uses Office Suite for managing their education, personal life, and work life. I am no different. Office 365 is awesome for a number of reasons:
1. Updates - you're always working with the newest versions that have been developed. AND you can work with versions that are still being tested, if you want. How cool is that? Your testing feedback can help to improve or shape software in the future. As a frequent user, that is really important and valuable to me because I want my software to make my life easier, not more difficult.
2. Instant Access, Anywhere - Of course I have Office Suite downloaded to my laptop, so I am able to take it with me wherever I go in that way. But what if my laptop dies, or I leave it at home? No problem! I can work from anywhere because I can log into my account and work. How cool is that? My only constraint is remembering my password.
3. Office is the gold standard for word processing and email management. It's easy to use and easy to love because it's recognizable, simple, and intuitive.
4. I also manage the Office 365 accounts for many members of my team, and being able to access everything in one "portal" via a web browser is just priceless. It means I can change passwords, set out of office responses, and more, easily. No more having to have someone's computer or networked server. It's been a lifesaver in that way, for sure.
Cons
I do have a bit of a gripe with Office 365 - the Mac applications are just not quite as robust as the PC applications (which I suppose makes sense, since Microsoft is so invested in PCs). That said, though, I would love to see equal functionality across platforms. I work in a Mac office, and never get quite the same experience. Most training modules are made for PC, most pros in my field use PC, and most tutorials are for PC. That means I have some trouble learning specific skills, which sucks.
Beyond that, the only other gripe is a lifestyle issue - when you have 24-7 access to everything, the lines between work and life can blur. Now, that's not Office 365's fault, but it's important to recognize that everyone needs a break and having constant access isn't for everyone.
Additionally, I am not a great lover of the subscription model. I am not sure why, but like many old men (I am not an old man, but it's a good analogy), I have a hard time letting go of the "pay once and own it" ideology. I've managed to suck it up, though, and made the switch, and it's getting easier by the day to recognize the value of the subscription.