@Ken - But you'd still need more *storage space* right? Color me confused. Just because you can replace a $100k array of size X with speed Y with an array of size 5*X but speed 0.3*Y is still a remarkable jump in space required. Either way it's a totally different class of storage that you may not have just sitting around.
Then again, it sounds like SIS became less-and-less efficient over time as extra databases were added (and no resulting cross-database comparison algorithm was implemented) so maybe this is just the next logical step.
Exchange 4/5/5.5 - "Yay, SIS rocks!"
Exchange 2000 - "Here's 20 dbs per server, yeah SIS won't work as well."
Exchange 2003 - "Hey, you're just randomizing your mailboxes right? SIS probably won't work very well then." <-- This definitely isn't/wasn't the case in places I saw. SIS still had a benefit like @Steve above.
Exchange 2007 - "We added more dbs, yeah SIS will probably work worse. Oh, and we removed SIS for message bodies, so yeah it *definitely* will work worse.
Exchange 2010 - "Nobody's using this anymore since we've nerfed it into oblivion, let's just drop it."
I'll be curious to see how the dust settles.