Microsoft publishes a pair of posts to the Office blog worth some review by SharePoint Online stakeholders

Perhaps one of the most useful features of lists and document libraries in SharePoint and SharePoint Online, Office 365 is the ease with which lists and libraries can serve as a centralized, managed storage option for important content. This capability is a big plus for organizations plagued with “too many storage options” syndrome. Most of the time the personnel within these organizations end up simply attaching important pieces of content to email messages. Once this trend sets in, the bright promise of enterprise content management (which can be an especially important capability for organizations in heavily regulated industries) quickly dims….
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