The short answer here is, no.On a feature set level the version of Office that you can rent in the cloud is the same version of Office that you purchase at retail.However, from a licensing perspective, the versions are extremely different.
Licensed by user - In the cloud Office is licensed to the individual user versus the device for traditional licensing.This is great for many clients while it allows the user to install Office on up to five different machines for their use.
No downgrade rights - You have to stick with the version of Office - currently 2010 Professional, that is the one in the cloud.This is primarily done to easy downloading and complexity in the product.
Subscription checking - The version of Office from Office 365 will check to ensure that the subscription payments are up to date.
No Remote Use Rights or Roaming Rights - Due to the per user licenses, these rights aren't needed while the user can typically use their five device limit to accomplish the same access.
No Home Use Program - Again, while you can install a copy of Office at home, there isn't a need for a separate formal program or additional costs.