Microsoft in its press release has mentioned about an Out Of Box connector to save time and money in integrating Dynamics AX and Dynamics CRM. The press release can be found here : New Microsoft Dynamics ERP Resources Save Customers Time and Money.
Connectors between Microsoft Dynamics CRM and Microsoft Dynamics GP, as well as Microsoft Dynamics CRM and Microsoft Dynamics NAV, are also available. A connector for Microsoft Dynamics CRM and Microsoft Dynamics SL is planned for the second half of 2011. Working with their partners, customers can receive the connector software as a benefit of their enhancement plan.
The press release also speaks about Data Migration Assistant which helps Dynamics AX customers to move from Oracle database to SQL Server. The connector has been made available as all the future versions of Microsoft Dynamics AX including Dynamics AX 2012 will exclusively use Microsoft SQL Server.
The out of the box connector will provide the base standard integration between Dynamics AX and Dynamics CRM but there will be a need of customizations for vertical specific integrations.