1. The power button is in an awkward location, meaning rackmounting them (either 10" or 19" rack) is a bit cumbersome (at best)
2. Thunderbolt is great for peripherals, but as a semi-permanent interconnect, I have worries over the port's physical stability... wish they made a Mac with QSFP :)
3. Cabling will be important, as I've had tons of issues with TB4 and TB5 devices with anything but the most expensive Cable Matters and Apple cables I've tested (and even then...)
4. macOS remote management is not nearly as efficient as Linux, at least if you're using open source / built-in tooling
To that last point, I've been trying to figure out a way to, for example, upgrade to macOS 26.2 from 26.1 remotely, without a GUI, but it looks like you _have_ to use something like Screen Sharing or an IP KVM to log into the UI, to click the right buttons to initiate the upgrade.
Trying "sudo softwareupdate -i -a" will install minor updates, but not full OS upgrades, at least AFAICT.
Thunderbolt as a server interconnect displeases me aesthetically but my conclusion is the opposite of yours:
If the systems are locked into place as servers in a rack the movements and stresses on the cable are much lower than when it is used as a peripheral interconnect for a desktop or laptop, yes ?
Apple’s chassis do not support it. But conceptually that’s not a Thunderbolt problem, it’s an Apple problem. You could probably drill into the Mac Studio chassis to create mount points.