It was very impressive and sets a high bar for anyone looking to compete. The web portal they have is very slick and easy to use.
Very impressive work from John Lowther and others.
Looking at the 30 minute presentation/demo Chris did , Dynamics GP as a SaaS offering from partners looks eminently possible. There will be a huge amount of complexity behind the scenes making it all work correctly, but it is doable and gives the full functionality of an enterprise scale ERP.