It's a very different thing from the decentralised model that MaidSafe and others are pursuing. In fact it's arguably even more centralising than the cloud currently is, because you get locked into using other services by AWS, Google etc. If anything it will mean more physical servers, not fewer.
Annoyingly, since behemoths like Amazon and Google (also Microsoft and IBM) have latched onto the term it's likely that 'serverless' will come to mean what they are doing (i.e. not really serverless at all) rather than a network run without central servers. So to avoid confusion I would steer clear of using the term to describe SAFE.