In 2008 I tried doing the same thing. I quickly noticed the following show stoppers:
- Toolboxes are not as complete and not as well tested. Particularly the image processing toolbox that my work relied heavily upon (the big show stopper was that imtransform was not implemented).
- The Octave debugger and profiler were primitive compared to Matlab’s.
- If you work with others, it may be very difficult to get them to change.
- If you use third party toolboxes, you are on your own getting them to work.
- Octave’s plots are not publication quality.
But I have to say that I was generally impressed at how compatible Octave is with Matlab, if your use of Matlab is basic, you may get lucky. Finally this was in 2008, in two years things can change a lot.