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[EFM] Usage of management channel

Just trying to clarify something that I do not understand.
What is the use of the OAM channel we are all talking about?

Is it for link management?
- If so then this is very low rate signaling, especially assuming the links
is as stable as reported.
- When the bandwidth loss is below the 100ppm tolerance (100ppm for 1G is
100K), then it is immeasurable by Ethernet standards.

Is it for station management?
- If so then the likely protocol would be SNMP.
- And in that case, how do we route SNMP packets into the OAM channel? Don't
they belong in-band?