Mary-Jo Foley has a great blog post on the latest features of Microsoft Dynamics AX 2009 see below:

Dynamics AX 2009: The ‘Halo’ for Microsoft’s app platform

Microsoft began rolling out to customers on June 2 the latest version of its high-end ERP application, Dynamics AX 2009.

The latest Axapta release (also known as AX 5.0) has lots of new bells and whistles: A compliance center dashboard that displays all kinds of key performance indicators (KPIs) in a single view; time-zone support; integration with the (stil-not-yet-shipping) SQL Server 2008 database release. But what caught my eye most about AX 2009 when Microsoft recently demo’d it for me was how it is the showcase app for so many different Microsoft technologies.

“What Halo is for Xbox, we are for Microsoft’s application platform,” said Kees Hertogh, Director of Product Management for Dynamics AX.

Read this blog post in full which includes a detailed features list