No excuses for Apple, but for those who are willing to roll back to Office 2013, without updates, Tcburns62 suggestion solved the problem for me - thanks!
I am running Windows 8.1 with an Office 365 Home subscription. I uninstalled iCloud and Office 365. Then on my Office 365 Home page, I clicked "Install". From the next screen, I clicked "Language and install options". From the next, "Additional install options". From the next, in the "Version" scroll box, I chose "Office 2013 (32 bit)". Then I clicked "Install" and let it do its thing. As soon as I could, I opened one of the office programs, clicked "File", then "Office Account" (or "Account", depends on which program you open). On the next screen, I went to Update Options and disabled Office Updates. I'm not if sure this is necessary, but I didn't want MS upgrading me to 2016 automatically.
After the restarts, etc, I opened Outlook and configured my mail accounts including iCloud. Then I installed iCloud 5.0. Initially the iCloud Control Panel didn't give me the Outlook "Contacts, Calendars, and Tasks" options, but the second time that I opened it, I was able to check that box, and on applying the changes, there were my iCloud Contacts, Calendars, and Tasks, back in Outlook, where I really, really, want them.
This forum was very helpful to me. Thanks to everyone for their suggestions, and what not to bother to try! Hopefully Apple will update iCloud sooner than later. Like others, I was very disappointed that 5.0 didn't solve the problem.