... says a lot for attactiveness of cloud-based ... pfffftt!
You start off with a very provocative statement
(snip>Wherever you look there's yet another SME or enterprise migrating to Office 365. This says a lot for the attractiveness of cloud-based office suites... </snip)
Sorry, all it says is that MS marketing is good at their job. And that MS has made 1-time payment licenses, "Office 2016 ...", effectively unusable for most businesses, especially big business!
What happens when you try to install Office 2016? The VERY first thing it does, BEFORE loading any software, is ask for the email account you will be using. Well, that may be fine for a home user, but totally impractical in a business environment. It makes preloading Office 2016 on computers very manpower intensive, because you have to keep separate records of the product key AND email address used for the installation. You can't even use a generic, shared admin email because there is a limit on the number of licenses you can associate with a single email. This makes it very difficult for IT departments and consultants to preload software on a computer before it is put on the user desktop.
On the other hand, MS has created the Admin "portal" that makes managing 365 licenses a relatively trivial effort. You just assign a license to an email account. Bing, when the user tries to use it, it is installed via CTR "in the background", so there may be a delay of a minute or two the first time they use the application. No need for a tech to install the software or to load a predefined "system image" on the computer.