I can't remember the exact number but we used to get something like 300 licenses, then they reduced it to 200, then earlier this year they reduced it to 100. I believe too that a single user can use more than one license depending on their account type. We spend more time dealing with the issues with O365 both on the licensing and stability front than we did with our own hosted exchange which is saying something since that wasn't very well managed TBQH.
Ahh, interesting. I'm guessing you are using the Business Essentials or Business Premium licenses? Microsoft's website[1] does still say 300 users. We actually use the E3 package at the discounted rate so we have unlimited (for now anyway!).
