I hadn't even thought of that! 😬 Moving Pages to cloud-only would be a huge problem. Cloud is prohibitively expensive and most people simply can't afford it in this economy.
I'm not a fan of shortchanging the self-hosted users in software features to pressure them to cloud.
As for Pages features, I'd really love the ability to nest records, so you could have a main record with multiple child records. This would be great for online books, blogs, bands and song lists, or anything along those lines.
There should be permissions to control who can post records or sub-records, too. That's the only way it would work for a blog or other member-owned content.
I'd also love the ability to allow users (or admins) to optionally charge to access records. This would work similar to clubs.