As is typical for me I went to MSDN and saw a quick blurb about Visual Studio Light Switch. I had never heard of it before and so was interested to see what it was all about. Basically, it is a new platform for easily and quickly creating professional-quality business applications for the desktop, the web, and the cloud. I think it looks to be absolutely amazing! I'm not sure where they are going with it but I could definitely see Light Switch being a much more powerful (and much more professional-looking) replacement for ASP.NET Dynamic Data.
I have used Dynamic Data several times and have found it to be invaluable. That being said, it doesn't offer some of the integration with SharePoint and Office. Additionally, the look and feel of the Light Switch apps is really outstanding. Plus, you can use your Light Switch app on the web or on the desktop! That's just awesome!
If you haven't seen anything on Light Switch check out the website and click on "Watch Videos about Light Switch".
I really suggest watching the keynote video (50+ minutes) if you want to see some really powerful stuff!