It's not Office itself that is the deal, it's the interbusiness and intrabusiness communications, cooperation and coordination features that will be the "killer app" here. Companies will be setting up their "Community space" and other applications, and their vendors and business partners had damned well better participate.
Some of my clients communicate with their customers primarily with email attached Word and Excel forms - sent, filled out and returned. This will eliminate the sending and returning part. It'll all be done on .NET servers.
Note the built-in discouragement for upgrading from subscription to "Pro". You lose your subscription attachment to the .NET servers. The objective is to get as many businesses and employees addicted to the subscription features as quickly as possible.
This thing has the potential of giving Microsoft complete control of interbusiness communications among small and medium businesses. I'm sure they understand this, and I'm sure that's precisely what they are after.
Yes, in big companies, only a limited number of people will be on the subscription, but in the smaller companies they deal with, everyone will have to be on subscription to access colaborative features. That eliminates most of the piracy, and incompatibilities with versions that don't require registration will fix the rest.