The functionality will be a great assistance to companies who use a hybrid of G Suite and Exchange, allowing for real-time free/busy information, support for Outlook 2010+ clients, and more.
New Admin Features
Importantly, it also gives admins more tools. They can turn Calendar Interlop on for a domain, use automated tools to verify set up, and view error messages. Naturally, they'll also be able to track cross-system user requests for free/busy information using the Google Admin console.
It's worth noting that the restriction was less of an intentional restriction and more a case of time. Google did offer some syncing features with Exchange 2007 and 2010, but it didn't work automatically or in real time. Ther setup was also much more complicated and required use of a public Exchange folder.
Google has been slow to update their functionality with new software, but it's at least done it well this time. The interop tool is far easier to use, simply requiring you to check a box in admin console dashboard.
The feature is rolling out to users gradually over the new couple of days and should be with the majority soon. The company has suggested this is just the beginning of a better relationship between the two services.