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This is also the case with Office 365 – and in fact is even easier for users to do.
We’ve all been in that situation where scheduling a meeting with more than one person in a different organisation – it’s not easy. While a hybrid effectively joins Exchange Server to Exchange Online to appear as a single environment for a single business – it is important to remember that these are separate environments and that the federation is simply providing a mechanism for information to flow simply and easily between them.
Federation ultimately is the creation of a “trust relationship” between two organisations so that information can be shared between them.
Similar to Active Directory Federation Services sharing and security tokens and identity information, Lync federation allowing separate organisations to see each other’s presence, setting up a federation between Exchange environments allows for calendar Free/Busy information to be exchanged (pardon the pun) between them.
As long as the remote organization is an Exchange Online-only deployment, everything will work fine.
In the case where the remote organization has a hybrid deployment, there’s one thing you can do: create (additional) separate Organization Relationships to and from the remote organization’s Exchange Online tenant.
In order to do so, they decide to setup everything that is necessary to make this work using Exchange Federation.