Beta will be available on Aug 23, 2010 for the General Public. The MSDN subscribers have started using it and there were 70 postings on its forum the last time I visited and asked a question.
http://social.msdn.microsoft.com/Forums/en-US/lightswitchgeneral/threads
This is a product for real dummies and for those who are averse to writing code. Being template based it must be all Microsoft Wizardry, a RAD tool at its best (I hope). Small business owners take heart. You don't need to hire arrogant developers you can develop apps your self.
I read somewhere that while WebMatrix is for those who love HTML, LightSwitch is for those who like Silverlight.
It can be integrated with SharePoint, Silverlight, Microsoft Office, Windows Azure, SQL Azure and Windows and perhaps others in the future. Both VB and C# are OK.
I hope this will turn Microsoft into a Growth Stock.