I believe it's the last piece for many of us for a smooth(er) Exchange lifecycle. Given Exchange SE will be subscription/cloud supported, it seems to me (read, "I assume," so trust as far as you can throw) it will be the last version of Exchange ever for on-prem, updated in perpetuity. (Microsoft could choose to discontinue Exchange SE on-prem at some point; but given some customer industry mandated requirements to keep email data sovereignty local, I also assume this is less likely.)
As such, on a physical server, one would need to replace hardware naturally as it ages out so migrating Exchange (from metal to metal) is still something that would need to happen periodically (and at that point presumably the replacement Exchange server has the newer OS).
However, in a pure-virtual environment (perhaps this is why Nino_Bilic​ mentioned physical vs. virtual servers), technically, the Exchange SE server (as a virtual guest) could be maintained, upgraded, and migrated to other physical host hardware, all without needing a metal-to-metal migration. In this scenario (which I am in) ideally, one could:
- Keep Exchange SE perpetually up to date with CU/SU/HUs
- Upgrade the underlying OS on the Exchange Server virtual guest when necessary (OS goes EOL) if it were supported.
- Migrate the Exchange Server virtual guest to an alternate physical host when necessary
The abstracted virtual layer presents unique opportunities for an uninterrupted lifecycle for Exchange Server (but only if upgrading the underlying OS becomes supported).