I haven't double checked this but my way of understanding the AAM is that it's optional to make a token instantly tradable vs STEEM after launching it. (I'm assuming on an internal exchange on the STEEM blockchain.)

Ok that might be the coolest thing I've heard about this. To be able to issue a token that can be traded against Steem just adds serious value to Steem and the issued token. An entire new group of investors will be exposed to Steem, while giving Steem holders the opportunity to support these new tokens and potentially profit without jumping to multiple other exchanges.

Thanks for the update!!