At the recent SharePoint Conference Jason Bullock of Microsoft held a fine session about how Office 365 and CRM Online is better together (including a 30 min demo).
You'll see how SharePoint Online, Exchange Online, Lync Online, Project Online, Visio Online, Skype and Yammer works with CRM Online to give you the best productivity experience on the planet.
You can watch (and download) a recording of the session on Channel9 here
Just published "Integration Guide: Microsoft Dynamics CRM Online and Office 365" - link
I have just watched first 10 min and had to stop.
In 8:00 guy is clicking and clicking for contact info and it should be just one click.
Why it is taking so long? Imagine getting in touch daily with tens of people. click, click, click, where the hell is it... click, click...