Today I attended a work shop on the new Microsoft (Dynamics) CRM with a local Microsoft representative. It looks sleek. The Outlook integration looks good. The web interface was a bit more funny though. I think tweaking the user interface for customization will be a bit of a hassle, when finding the right URLs for the different pages isn't very intuitive.
But MS CRM 3.0 has one of the best commercial videos from a soft ware company: The Lemonade stand, at http://blogs.gotdotnet.com/midatlanticcrm/