I'm using the MS suite for the first time in over a decade...and the collaborative aspects are still nowhere near Google's. I routinely get problems when multiple people are editing the same content (Word doc, spreadsheet, or PowerPoint). And sometimes the thick client works best, sometimes browser editing works fine...but it's inconsistent.

For all of them, Microsoft has a more complete feature set...but for 99% of things (and anything with lots of collaboration), I prefer Google Work Suite or whatever it's called this month.