Libre office certainly exceeds the web edition of office in functionality. I'm not aware of a gap to the desktop version, but I'm not a power user for sure. That lack of multi-user editing is almost a feature for me given how often other people have screwed up my spreadsheets in Excel.

What i think really happens is that people compare whilst trying to swap documents back and fore with MS office. When judged on that level it comes off poorly, but that's not a fair metric. MS has intentionally worked against compatibility.