It's not so much big features but rather an accumulation of small things missing that basically kills it for a power user.
The biggest issue for me is lack of keyboard shortcuts. If you use Excel a lot and have all the shortcut keys in muscle memory you can do things at speeds fast approaching magic. There are literally offices where first person to use the mouse during the day buys beers after work.
There is also random sht missing that matters to me but apparently not to some dude at google HQ. Like the ability to remove duplicates from a list.
Don't get me wrong - google sheets is great. It's just not a replacement for something that has been tweaked to perfection over years.
MS is going to get killed on multiple fronts in the coming years. Excel is not one of them. Nothing is even close.
I'm sure that's true. But for 90% of organisational users, Sheets will handle everything they need. Plus do intuitive sharing, automatic backups, and all the other advantages the cloud provides... for far less TCO than a traditional PC.
Browser-based apps will always be far less powerful than native OS apps, and any sensible company will provide beefy machines for their engineers, finance team, graphic designers etc. And browsers for everyone else.
