Current Wine just needs a couple of fixes from upstream libxml2 to be able to use the Retail C2R (Click-To-Run) installer, then the apps themselves work fine with a few Direct2D patches (see the effort to get Paint.NET running).
The real issue is that getting activation (even using MAS tooling) working requires a real Windows kernel running for the Warbird-protected activation system, after two weeks I gave up, 99% of my MSO needs are provided by Artcraft now anyway...
Subscription-based licensing requires periodic check-ins, but perpetual product key-based licensing is available, though compared to the subscription versions, the release cadence for new features is slow.
The online component of traditional apps like Excel works best as a means for sharing documents, with the web UIs useful for reading and light editing, and the same documents fully editable in the native apps.
recent only office builds are not quite there, but far superior to office Web.
(Its presentation is so stiff that I refused to play it - it's supposedly a very good game, but I just couldn't bear playing what felt like MS Office)