Your reference to O365 is incorrect: I was recently evaluating using that service, and Microsoft directed me to local resellers and solution managers to "evaluate my needs" and to handle licensing, exactly as if I had been looking into Exchange.
I can tell you beyond a shadow of a doubt that a LOT of Microsoft's MSPs ("managed service providers") and other hosters are totally screwed by Office365 and not happy about it in the slightest. Microsoft is offering a vastly superior product at a much lower price than any of their partners.
There's still some opportunities (especially with Lync), for 3rd parties, but overall the pool dried up a ton. Some partners will be OK, a lot will go crazy (Apptix/Mailstreet jacked my pricing from $12/mailbox/month to $35!), and some will focus on special niches. But the era of just popping up Exchange and selling that is pretty gone since O365 came around. (MS BPOS before O365 was similar, but wasn't nearly as slick, cheap, or promoted as O365.)
The reseller you deal with would be much happier charging you $15/month for a mailbox than getting a $1/month back from Office365 when he signs you up after "evaluating" your needs.
