OBO Agents vs. Execute-as-User Agents: What Will Agent 365 provide?

It was mentioned during the AMA session that agents from the Microsoft ecosystem (Copilot Studio, Foundry, SharePoint) will be automatically onboarded into Agent 365. However, today many of these agents execute as users, and some may continue to operate this way indefinitely. In other words, they may never receive their own Entra ID agent identity and may never run using an On-Behalf-Of (OBO) model.

This raises an important question around observability, governance, and security.

If these agents do not have their own identity and continue to execute under user credentials, what capabilities will Agent 365 provide for them in terms of monitoring, governance, and security controls?

TL;DR:
It is still unclear what observability and governance features will be available for non-OBO agents - both within Agent 365 itself and through standard platform administration tools. A clear comparison between OBO agents and non-OBO agents in terms of visibility, governance, and security capabilities would be extremely helpful.

Thank you