Code name "Titan" was officially RTM’d on the 17th December (see the press release here). Although delayed (nothing new there for any software house) this launch is in my opinion a pivotal inflection point on Microsoft’s S+S journey. This is the first Microsoft release that has taken an existing "on premise" software offering and thrown the whole S+S bucket of stuff at it.
This is not just about technically adding multi-tenancy or providing for massive scalability, it has been about getting the whole product story right. This includes the delivery of CRM Live by Microsoft directly, the revision of licensing to allow partners to effectively deliver a Partner hosted version and support for the existing on-premise delivery models.
As the "first out of the block", the CRM team have had to take the lead on many of the challenges that face Microsoft as they move along the S+S road. It will be interesting to watch from both the outside and inside (as part of the S+SPAC) to see how this pans out.