Both. It depends. I can get a full version of it via work for like $29 if I order an install DVD, $10 for pure digital version and it is 2 licenses and let my wife install it cause Libre/Open/whateveroffice is more than enough for what I do at home for that kind of thing.
Office 365 home is like $100/yr for office, skydrive storage of 1TB/user, outlook.com account, 5 licenses + 5 tablet licenses, skype minutes every month, and proper tech support. So if you have a 2 or 3 kids in school it seems a decent enough deal.