Here is a handful of case studies that shows the value of Microsoft Dynamics CRM Online to customers in various industries. Note the specific CRM solution that some of them migrated from.
Magma Design Automation
http://www.microsoft.com/casestudies/Microsoft-Dynamics-CRM-Online/Magma-Design-Automation/Software-Provider-Adopts-CRM-in-the-Cloud-to-Simplify-and-Accelerate-the-Business/4000010752
BioMedix
http://www.microsoft.com/casestudies/Microsoft-Dynamics-CRM-Online/BioMedix-Vascular-Solutions/Medical-Device-and-Software-Firm-Supports-Rapid-Growth-by-Moving-to-Online-Services/4000008645Century Payments
Big Brothers Big Sisters of Canada
http://www.microsoft.com/casestudies/Case_Study_Detail.aspx?CaseStudyID=4000010880
High Five Sportswear
Trion
Unico
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