svhelden : You can install the Exchange Management Role only to manage the local AD exchange properties and let ADSync replicate them. So no local "exchange server" needed.
benoitdbag : 3600 Limit is really an issue, but do you really want to have that in an Exchange Malbox?. normally this load is routet to an CRM-System/Newletter service and they should not pull these mails using POP3/IMAP4
Large MailboxMig is a challenge, of larger than 100GB. But a support engineer can add prepopulated archives and you can do a PSTimport then. But yes, thats not staight forward.
MX-Records? I see no problem setting MX-records to 3rd Party Solutions and forward them via a Inbound Partner Connector to my tenant.
Frank