Not really Office 365 comes with Office applications that you can install on multiple machines (5 I think it is including Apple, I certainly have it on 1 desktop and 2 laptops) and also access to Onedrive from any PC with an internet connection (also I can access from my phone and ipad), would you get that level of accessibility by buying Office once, MS have rolled these products together and as a consumer I welcome that as it's an easy 1 stop shop for products that I use.
If you want to split it into 2 components then that is up to you but as a rolled up package I find it extremely useful and am happy to pay the £5.99 (I think that's how much it is) a month, other products I find are too expensive for how much I'd use it, I'll be cancelling my Spotify account soon as my 6 month new user code expires as I've only used it 4 times since signing up, I let my X Box live account expire as I don't play online anymore and haven't had a free game from them for years but I'll keep my EA Access account running as I play NHL, Fifa and Dragon Age games.
What are your thoughts on these services as you haven't provided your opinion yet, are they more expensive for you?