I have used office 365 in my computer and I really liked although it is little costly .
It give same version of office 2016 but difference in lisence term.
What I like about it that the product key is redeemed under your microsoft accout so if by chance if you lost your key or if you loose your pc , still you can install it in different pc using your microsoft account
That what makes it different from 2016
It just one thing which I dont like about it that its an yearly based subscription not for life time