Update 5/8/2024: We have released a more updated Roadmap Update covering the future on-premises releases of Exchange Server.
In September 2020, we announced that the next version of Exchange Server...
Updated Feb 12, 2025
Version 4.0
Blog Post
I see both sides of this argument. It is confusing that a product that was originally slated to ship a year ago, apparently was never even close to actually shipping. For my organization personally, we had been holding off on upgrading from Exchange 2013 directly to 2022/Subscription Edition for almost a year (we've now have a very smooth and successful upgrade/migration to 2019 following this article). So I'm not terribly happy that we basically wasted a year waiting for something that never came about, but it is what it is. Exchange 2019 is running fantastically well on Windows Server 2022 for us so kudos to the Exchange team for that.
On the other hand, the renewed commitment to backporting new (needed) features to Exchange 2019 can only be counted as a positive.
My only cause for concern is the fact that we're being promised a new release in 2025, seemingly coinciding with end of support for the current generations, is also compounded by the fact that we just had a promised release that never happened (2022/Subscription Edition). But, I'm optimistic.