No problem
Breakout for local calls, was more important a few years ago - before phone companies were falling over themselves to give you cheaper rates (it might still be important, but we get uber cheap rates as we're part of a telco - which can distort things a bit)
Essentially, you'd have two or more sites and a nice IP network in the middle, and a PSTN gateway at each end, this would allow you to make free (IP) calls to your other site, and by using local breakout at each end, make cost savings. So if a person at site A wanted to call a phone in the same area code as site B, you could route that call over your IP network (no long distance) and pop out on the nice cheap PSTN connection at Site B and make it a local call.
The other advantage for local breakout is having a local number, same as at your home really - though there are pros and cons to this.
Plus, if your PSTN connectivity is generally done via a SIP provider and your internet connection goes down, how do you make calls to the outside world - particularly emergency calls? Thus having a local breakout even if it's an FXO card with two ports on it, would be an advantage.
SRST is survivable remote telephony - I'm talking about a cisco world as this is what I know (ish!), but there will be something similar for other vendors no doubt...
If you have a call processing model where all of your call control and siganlling is done at another location, so Site A contains the IP PBX (Cisco Call Manager in this case) and site B contains a few deskphones that are registered over the WAN to the call manager at site A, if the WAN link fails, it renders the phones useless as they don't have anything to control the calls as all of that is done at site A.
SRST is essentialy a router with very basic call processing features on it, so in the event of a WAN link failure, the phones know (though configuration) to fail to SRST this will allow the basic functions of making calls within the site. If you have a PSTN connection on this router then the people at the site can make calls to the PSTN, or at the very least make emergency calls.
SRST can be implemented on an existing cisco router platform if it's powerfull enough, so you might not need to purchase any additional hardware (other than a vwic or memory)