For sure. And then there's the CapEx/OpEx tax games to take advantage of, too. It's not a bad deal on the whole, but I think it's overhyped as being better than it really is.

Moving to subscriptions results in a net increase in spend for organizations that were executing on-prem IT well and frugally. That's the only game now. I just think it's disingenuous to say that it's a cost savings. I reject the massive availability increase argument too, at least in the US, because of the lack of competition in the ISP space and the tier of service that is available to SMEs in their budget.

You spend more for the same stuff, are forced to "upgrade" (read: lose features, see changes in UI) at the whim of a third party, and may experiece decreased availability if you're unwilling to spend more on Internet connectivity. There "upsides" for sure, but too many people peddling hosted solutions fail to recognize downsides.