Why would Microsoft bother to issue such an update?
Windows Server 2003 is currently locked in time, but Microsoft has issued a wide range of Feature Packs that offer additional functionality many customers may never discover. By rolling these features into the core OS, and adding the security-oriented updates from SP1, Microsoft can offer customers a better, more integrated, more easily supportable, and more secure version of Windows Server 2003. And existing Windows Server 2003 customers can continue to download all of the post-RTM updates for free, as before. Also, the R2 release is in keeping with Microsoft’s new Windows Server roadmap. See my interview with Bob Muglia for details.