Michael introduces the world to Microsoft Dynamics 4.0 aka Titan in his A first preview of Microsoft Dynamics CRM "Titan".
There you can read a lot more about the three major improvements in this new release:
- Multi-Tenancy: A CRM server now can host multiple organizations. This is extremely important for service providers, as they had to run a server for each CRM organization so far. Microsoft itself is going to provide a hosted CRM solution with CRM Live, but many partners will pop up in the near future offering the same to you. It is a good alternative to an on-premise installation when you're a small company or your employees are spread around the world and you want to easily connect them without building your own infrastructure with 24/7 support.
- Multi-Language: You can now install MUI packs on your CRM server and clients to support additional languages. Being limited to a single language in the past, a user now can select from a list of available languages and pick his favorite one. The installation of a MUI package is a no-brainer and additional languages are set up in about 5 minutes.
- Multi-Currency: All currency fields now store the value in the system's base currency and optionally a foreign currency including the exchange rate. Exchange rates have to be configured at the server. There's no historical list of exchange rates kept, so I'm pretty sure to see add-ons soon. Anyway it's a big improvement compared to 3.0, where we have been limited to a single currency.
Source:→ MSDN Blogs