Microsoft announced CRM 2011 R8 which includes a number of great new features which have been sorely needed, including:
- Browsers other than Internet Explorer i.e., Firefox, Chrome and Safari
- New CRM Mobile Native apps for IPhone, IPad, Android, Blackberry and Windows Phone
- Rapid View Forms (return of the Preview Form?)
- Improvements to Activity Feeds first introduced in UR5
- Industry Templates
SQL Server 2012 will be supported which will bring with it PowerView and PowerPivot capabilities to CRM 2011.
Finally, which is of importance to me, is CRM Online will achieve ISO 27001 
Looking forward to this release.
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