I guess the new pricing isn't too bad with Server 2012. You basically get two copies (virtualized) for the price of one. Good for people that need a Terminal Server to go with it. For people that need a Terminal Server, it's much cheaper to just get one copy of Server 2012 and virtual AD, DNS, DHCP, SQL in one instance and the terminal server in the other.

Apparently there is some sales/license script for Essentials that lifts the user limit of 25 and increases it 40 as well as unlocking features of Server 2012 Standard. I'm waiting to hear more about this.

Exchange online is $4/user/month or $8/user/month. $20/month or $40/month for 5 users in the average office.

Exchange Online Plans (tbh, there's no maintenance involved when there are a small amount of users):
$4 Plan 1 - Biggest negative No Journaling, 25GB limit(usually more than enough)
$8 Plan 2 - has Journaling

Exhange Online (25GB limit/user, Plan 1):
1 Year Cost: $240
5 Year Cost: $1200

Exchange Online (Unlimited, Plan 2):
1 Year Cost: $480
5 Year Cost: $2400

Exchange Onsite (User-limited):
1 Year Cost: $1150 Exchange Server(5 CALs, included)
5 Year Cost: $1150 Exchange Server

So basically if you want journaling, any advanced features (transport rules, etc.), or have more than 5 users. Shelling out $1150 for that Exchange Server is worth it.

Also, it should be pretty obvious that it's nowhere near the value of SBS Standard, but these are the choices.