Has anyone used Microsoft Project for the Web, the latest cloud-based modern project management tool: in your opinion, how useful is it - or not?

We used to use Microsoft project but have fully transitioned to cloud-based Smartsheet. We have found it much easier to share plans with others (not requiring a license) and the portfolio management is much easier - I am able to view my teams' projects individually or rolled up onto a consolidated dashboard.  We still use all other Microsoft 365 applications. 

Yes, we have fully transitioned to Microsoft Project for the Web. Users are very happy as are the Programme Managers and Programme PMO. Collaboration and integration to the whole Microsoft stack, notably PowerBI and Teams is fantastic.

The only downside is that it lacks project management features, that at project level, for a complex project with advanced resource management and scheduling, then it's really not up to the task. I would say it covers 90% of projects, especially those that are focused on a business-integrated team. If you need to do complex PERT, CPM, EVM, then it is not the right tool for that project, but still may have a fit in enterprise collaboration for project management and communication.

Teams and PowerBI integration, which is easy and seamless, are fantastic (yes, I mention that twice) and more than make up for the feature simplicity. Microsoft Project as the detailed plan, schedule monitor tool always remain an option for the 1% to 10% who need it.