A couple of recent developments in the march towards a released CRM 4.0 product...

1)  A Release Candidate 0 has been released.
 http://blogs.msdn.com/mscrmfreak/archive/2007/11/16/enjoy-microsoft-dynamics-crm-4-0-rc0-vpc.aspx

2)  Here's a nice video from MSFT showing CRM 4.0 in action
 http://channel9.msdn.com/showpost.aspx?postid=357039

3)  Many blogs now detail specific features in 4.0.  Most of the geek excitement surrounds the back door API "stuff" — things like:

One of the things you might want to do is trigger a workflow to run from the web service API. Using this, you are able to trigger the workflow without having a platform event. The ExecuteWorkflowRequest and ExecuteWorkflowResponse messages are provided by the API to allow this to happen.

Microsoft Dynamics CRM “Titan” (CRM 4.0) Preview: What are CRM 4.0 Plug-Ins

Integrating CRM 4.0 Contacts with Facebook - CRM stores information about your contacts. Facebook also stores information about contacts. By merging the two entities together you can view Facebook profiles from within a CRM entity page! When we are done, our contact entity page will be able to do the following.  (See link)

The breadth of new features in the product is mind-blowing to me. I am looking forward to seeing some of the creative uses that partners and customers come up with for the larger items like Workflow, Multi Currency, etc.