Re: "It does feel like the benefits are stacked in Microsoft's favour,"
This will be the same for every vendor providing cloud services or <insert_favourite_thing>ssS. Techies have always seen this coming but have been ignored.
There is enough migrated to "the cloud" now that companies are pretty much stuffed.
The trouble is that when the cost saving exercises start it is never the decision makers who are at risk. They will be spending lots of time making PowerPoint presentations with all sorts of fancy charts that show how successful the migrations to "the cloud" have been to cover the arses.
As usual, it is the "doers" that will be in the firing line, yet again.