I had to buy this edition of MS software because I didn't want to face the trouble at workplace: colleagues not being able to open files made on Mac software. I have used Mac's word processing software Pages in past. It is good, but then it often did not open on PCs using Windows platform. I ended up using Mac software suit only for documents that I was not going to share with anyone.
Yet, it was easier in past to work on Mac's Pages, as we used take printouts. Now, most of the times, we send files online. Hence compatibility matters more these days. Besides, we send files to people all over. They should be able to open and respond to our work. All this is possible if we work on MS Office.
However, we should also take in account the option of Office Online. It is a free online version of office, but limited in its functions. If Office Online serves your purpose, nothing like it. You don't have to spend on this Home and Student version. To use Office Online, you have to be connected to the net, though. Using Office Online, we all can save our files easily on One Drive or Google Drive, avoiding the risk of hard-disk crash. Another option is buying the subscription of Office 365, which is expensive and out of consideration for home users like me.
The product is good, and given its lifetime use, it is not expensive. If you are going use Mac for, say, 8 years or so, nothing wrong in buying this. You can always install it on your new Mac using the key. One machine use is for lifetime!