Ben noted that some key aspects are that it is a binary exchange format, it can includes oriented 3D images and it involves a larger number of industries than LAS.
As an example, Leica had not used any “open ” binary file format for point cloud until recently. So far, bringing Point Cloud from Cyclone to MicroStation POD required to export to ASCII files (PTS and PTX).
Leica announced the support of e57 in Cyclone. (https://blog.lidarnews.com/leica-geosystems-announces-astm-e57-support) which combined with MicroStation import capabilities of e57 enables faster conversion of data from Cyclone to MicroStation.
Thanks for spreading the word Ben.