For the record, I also made some comparisons a while ago:
http://pathtosharepoint.wordpress.com/2008/10/06/excel-vs-sharepoint-lists-1/
http://pathtosharepoint.wordpress.com/2008/10/17/excel-vs-sharepoint-lists-2/
(which btw reminds me that I never wrote part 3…)
It has some great comparison info as well for SharePoint Server vs. SharePoint Online.
]]>Cheers,
Andy
MSFT Office Outreach