LaTeX vs Word; improvements of LaTeX over the years
I do not know of LaTeX ever having any disandvantages as compared to Word over the years, other than Word had more funding, so I will only comment on the new (killer) features where Word can't keep up.
Macros - been there from day one, include here hundreds of new packages.
PGF/TikZ
XeTeX and LuaTeX, ConTeXt
Microtype
The ability to exercise your brain while you're typing and writing macros
The confidence that your code and documents can survive possibly for ever.
A great community.
this is not about any improvements in (la)tex. it is only about stability.
it is very likely that an article created (and published) in 2000 in latex can be re-used directly today in a volume of "collected works", whereas such an article created at the same time in word will most likely require considerably more work, possibly even rekeying.
mathematics has a long shelf life.
The main reason I gave up Word for LaTeX is so that I could keep all of my documents under version control. You could argue that I could do the same thing with a .docx file, but Git likes .tex just fine, and I can do all the usual cool Git tricks as well.