It enables an entirely new ecosystem in air warfare.
Which means exactly what? I hate to break it to anyone here who has not been paying attention since 1940 or so, but air combat is an inherently networked operation. In most recent campaigns, Blue dominated Red in the ability to gather and disseminate information, and also disrupted Red's network.
By the way, automated low-latency information-sharing within a flight of combat aircraft is not a 5GenTM invention. It's been with us since the early 1980s. F-22 and F-35 do it in a manner that is focused on LPI, but there's no sign that MADL is otherwise better than TIDLS on Gripen.
And as we all know, too, once we get outside the four-ship, or (future) four-ship to four-ship of F-35s, we're back to Link 16, and anyone who thinks that is an "entirely new ecosystem" probably thinks we were using tin cans and string before St Steve invented the iPhone.
A1 - The F-35 most certainly can't "launch" SM. Whether it can plug into CEC via Link 16, I don't know, and I don't think anyone in the Navy has talked about that. Some people get confused over what they can postulate as F-35 capabilities and what's actually there, and some of them list LM as a Gold Sponsor on their sites too, but I'm sure the two are unrelated.