Advice & Thoughts: Quickbooks vs. Quickbooks Online Edition

HOA Background:

We are a 103 fee simple attached ranch villas HOA. About 6 months ago, we went self-managed and outsourced our bookkeeping/accounting to a firm that uses QuickBooks. We are now considering bringing the bookkeeping/accounting (except for tax prep and an annual review) back "in house". With private roads, substantial reserve fund needs, and maintenance responsibilities more closely resembling condos than fee simple homes, we collect dues monthly.

Software & technology familiarity background:

I am a reasonably tech saavy. The fundamental topic I'm seeking input on is the choice between Quickbooks Pro 2011 vs. Quickbooks Online Edition. In the way of thoughts & ideas that I'm either familiar with or have considered are:

1. Although I know there are many, many other accounting packages - both in the traditional software arena as well as the Software As A Service (SAAS) environment - some of which are either free or very low cost, I'm pretty committed to using one of the Intuit products because of their longstanding solid reputation and a feeling of being able to convey to our owners that we are using "the gold standard" of small business accounting products.

2. In general, I'm a fan of SAAS products, but I'm also fully aware of the comparative advantages/disadvantages of traditional software vs. SAAS in other application types. In the instance of HOA accounting, I see the real advantage of SAAS being both the continuity and ease of transition from one treasurer to the next over time.

3. However, I'm also cognizant of the fact that QB Pro and QB Online Edition are entirely different products, have differing capabilities, do not have compatible file structures with each other, and are at different "maturity" levels in their development.

SO .. .. .. My real question is directed at those of you who either (a) have experience in HOA bookkeeping with QB or QB Online, or (b) are more well versed than I regarding the differing capabilities of QB vs. QB Online.

Can you provide some insights and/or experiences where one of these products may have been better than the other as it specifically relates to HOA bookkeeping & accounting?

Any thoughts/insights on the choice would be welcomed.

Thanks in advance.

Thanks Steve - I'd already been there to see that comparison, but what I was hoping to find was a "translation" of those differences into the everyday, real world use of either product for HOA bookkeeping/accounting.