BMS Doug wrote:
More specifically it's a Pi designed for embedded use, the price is lower because a lot of the circuitry has been omitted. It is designed to connect to a baseboard via a SODIMM connector, the baseboard will be custom designed to have the relevant circuitry for the application.

Actually, it's *more* expensive because the PCB is more complex, since it brings out every interface the SoC has. While the CM is discounted by at least one supplier now, the list price is $40. The dev kit (CM, dev carrier board, camera and display adapters) was originally $200, that has been at $100 for some time.
On the OPs question....
What I'm building towards is a Pi-based server. I've done some testing with a CM and a WD SATA Adapter. For my purposes, the CM3 fixes one of three shortcomings in the present hardware, to wit, it brings the CPU capability up to where I want it. It does not address the second issue I see, which is an I/O bottleneck over the USB2 connection (the SATA connection on the WD board runs over USB2). The third problem is one that will have to be solved by WD and I don't have any indication that they think it is a problem. The WD SATA Adapter has two USB ports, but no on board Ethernet jack.
All of that explains that, while I am interested in testing with the CM3, I am fervently hoping that the SoC for the Pi4 has USB3 and that a CM4 and a WD SATA Adapter board will be built to take advantage of that....and an Ethernet jack will be added as well.