Frank, you have to be kidding. There is no way Exchange would have the enterprise market cornered if it was that kind of hackjob application.
I don't see how going to SQL would be a "sure thing" benefit to Exchange. Sticking with ESE/Jet allows the Exchange team to continue crafting it in ways that benefit Exchange itself. Moving to SQL would mean you'd have to write Exchange to work with SQL instead of writing ESE/Jet to work with Exchange.
The Exchange team would be relying on whatever improvements the SQL team made to SQL and hope it worked well for Exchange instead of making changes they *know* will work. I'm sure there'd be plenty of co-development, but I don't see it as being a guarantee.