Eric Nelson one of Microsoft's SaaS experts in the UK, who apparently gave up being a developer :) shares, in this post, a well kept secret: i.e. the new release of Microsoft CRM is much more than CRM but a full fledge application platform.
He even goes as far as coining the catchy moniker: Microsoft RPFBALOBNAIALLTACTIYJFUVSASFS, which stands for "Microsoft Rich Platform For Building A Lot Of Brand New Applications In A Lot Less Time And Code Than If You Just Fired Up Visual Studio And Started From Scratch". (I will have to ask him how is it pronounced.)
Having spent time with quite a few MS CRM architects, devs and program managers and played with early bits, I can only agree. MS CRM codename "Titan" is (will be, it has not RTM yet) a very powerful platform for certain scenarios.
If you want to learn more about it, check out: this session at MIX or just download the PPTX. Or even better, hear it from MS CRM evangelist super honcho himself: http://blogs.msdn.com/benriga/