Can I use SharePoint online like I would SharePoint enterprise? Say I wanted to create multiple similar and related external facing sites; do I have a limitation on how many external sites? So I can take advantage of all features of SharePoint like mail, reporting and storage without deploying SharePoint on premise or creating s custom portal site. My plan is to run everything on the cloud. What would be the best approach?
Thanks for the feedback this helps, My scenario is having to create a portal that does pretty much everything SharePoint does, hence the need to ask myself if I should invest in a custom portal or taking advantage of SharePoint.
My drawback was my client does not want to invest in an on premise solution, which brought me to wonder how much I can do with SharePoint Online.
Patrick yes I would have preferred to create several external facing sites basically sub sites with different URL’s but looks like I am limited to one.  I would like to explore more on extranet-like sites as I am not looking for a document repository, but want each site to be autonomous in a way with different functionality.
And by mail I mean outlook, and all the good things that come with SharePoint, shared calendar, easy to administer, cross site collection publishing etc.
In summary based of my requirements, am thinking, Custom application or SharePoint in regards to ROI
Hope this makes sense.