@Ryan Moore the subscription based MS office is a little different than a cloud based solution. What happens is you subscribe to it and physically download the software to your computer, and to use it you sign in with your Microsoft account.
The download versions are great, but what happens is they become outdated when a new one comes out, but with the subscription you get the newest office when they release it.
The subscription is a bit more expensive, but honestly, it's where Microsoft is going and there is no way to avoid that. One side note is the amazon download is only a 1 pc option, so you buy one per PC, where as if you ever need office on a second device you just up the subscription by $2/mo which would be a tremendous savings.
Also, iCloud and Office 365 are completely separate products. iCloud handles data backup mainly, where as Office 365 is the subscription platform for all of Microsoft's products.
Also, Dpeends on where you work, Ryan, But most companies have a microsfot HUP program for their employees which gives you a license to 2016 office for 5 PCs for a one time cost of 9.99. This is worth looking into and worth every penny!
@Major Robertson, To touch on this note a bit. New Mac's normally come with a 60 day trial of office and after that you end up having to pay anyways, so it would only be a temporary solution.