A nice update for the focus on O365; however the on-premises deployments continue to suffer and even worse for Microsoft... move to be virtualized on VMware. That begs the question, has the Exchange team changed its stance on virtualizing? The constant message has been that virtualization adds too much overhead to an Exchange deployment; however the statements above seem to indicate a softening of that stance as Exchange's direction heads to O365. (my guess is that the O365 infrastructure isn't all physical boxes and DAGs) This is especially intriguing considering Perry's comments regarding the Exchange team being "committed" to bringing innovation regardless if a customer chooses an on-premises or private cloud.
This directional shift would be very interesting for Microsoft to confirm as there has been a very steady message for some time.