From a review written by Mary Branscombe for PC Pro, it is suggested that there are a few features missing from the beta version of Office 365. It is not yet clear when or if the features discussed will be implemented.
The first point Mary discusses is the lack of tools available for partners to manage Office 365 for customers. It is said that these tools will become available at some point, possibly once the service goes live to the public. At the moment these tools are said to be missing due to the fact Microsoft are still working on privacy concerns. At this stage I cannot see this being an issue for the implementation of the service within the University.
Another issue Mary discusses is that voice has not been fully integrated with the online service. It is not yet possible to give out one telephone number for all your possible locations; desktop, deskphone or mobile. Currently Lync offers voice and video conversations, but only through a desktop client, meaning that you cannot take advantage of this feature should you be on the move.
Another potential problem is the lack of federation of public IM services. Lync will only let you connect with Windows Live users, and not Google, AOL or Yahoo.
Lync Online does not have many management tools, although you can control domain federation to allows connections with partnering companies, using blacklists or whitlists. However, currently in the beta version you require a Lync Online hosting provider to on-premise Lync servers to make this function work. This is expected to be fixed before the service goes live to the public later this year.