This was my impression:
A few weeks ago I saw a demo of Silverlight 3 at the PhillyDotNet User Group - WOW. Wow for business applications, not graphic applications. There is a learning curve, but you get a lot for it. For example, the demo showed a grid being bound to a table without needing to write any code.
Right out of the box you had sorting, editing, paging, etc. But it wasn't the lame stuff you normally get and then have to rework. For example the paging was smart enough to write the sql that would only bring back the 20 rows you needed for the page.
The demo continued with him putting a detail form on the page for editing. Again no code, but it was smart enough to know that it had the same datasource as the grid on the page. So as you were moving row to row on the grid - the detail form was showing the current row (and it was very fast).
Both the grid and the detail form were editable and as you changed a field in one the other would reflect the new value. The editing was smart enough to validate the field on its own. So you couldn't put a letter in a field that was an integer type, etc. It also limited the number of characters that could be entered based on the column size found in the database. All the date fields on the detail form automatically had a calendar next to them. You get the idea - no coding for any of this.
If this weren't enough, it can be used to build occasionally connected applications. So he showed how he updated a few records on a few different pages, had the option to revert back a field later (ctrl-Z), and then at the end submitted all the changed records to be saved.
Also, they said it works with Linq2SQL and the entity framework.
Here is a link to a demo (not the one I saw.) http://videos.visitmix.com/MIX09/T40F