Speaking from experience, I have just one thing to say, please please please don't de-emphasize on premise support over Office 365. We run a large number of Exchange servers using the on-premise version, and all we want is to see you guys support the on-premise releases just as well as you do the Office 365 ones.
This to me means releasing the same features for both, and making the tools and functionality work just as well for your on-premise customers as it does for Office 365, and keeping licensing costs competitive (which have been increasing as your own per mailbox costs go down, this is pretty anti-competitive!).
It feels like to me like the focus is on getting everyone onto Office 365 with little thought put to those that can't or don't want to go to Office 365 for various reasons.