If you want to go Office...
Then get yourself Office 2010 instead and ignore this competition. If you're interested in Office 365 then pick up on Microsoft's free trial. Whatever you do: look into it at your /own/ pace and not because you're hurled into it. That would be my 2 cents of advice.
I'm a die-hard Office 2010 user myself (at least I consider myself as such) but I honestly think that the prize you could win here will eventually be much more rewarding for MS than you. Think about it for a moment..
What you basically get is a chance to use their software with 25 people ('licenses') for one year. So far, so good. But lets say you setup your family and some friends with an Office 365 account and enjoy a whole year of Office (IMO not unthinkable because well, I honestly think Office has come a long way so far).
But now the year is over and you have a lot of people liking and maybe depending on their Office environment. Then what ?
Then you're looking at being tied into a subscription which can easily go as far as $8 per user per month. Sounds cheap enough, but lets say you want to keep your family and friends happily using office this can quickly go up to having to spend $96,- per /month/ (I took 12 people into account here).
Is that still worth it ?
Now, don't take my rant in the wrong way. If you're curious and looking forward to trying this stuff out for a year then you should ignore my post entirely and go right ahead. But /do/ keep in mind what the possible consequences can be when your year of free usage has ended.
As such I would suggest picking up a free demo or a fuller Office 2010 suite.