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The last release, Beta 2, included LightSwitch functionality, enabling the creation of line-of-business applications for Windows Azure and SQL Azure, as well as the ability to create application extensions including themes, screen templates, controls and more.
Developers can look forward to July 26th, as that's when Microsoft will be releasing Visual Studio LightSwitch 2011, Microsoft's cloud and desktop Rapid Application Development (RAD) tool. The tool is being targeted towards entry level developers who are interested in creating business apps for desktop, web and cloud platforms.