One of the few things that Lync for Office 365 didn’t have when compared to the old Live Meeting available under BPOS was the ability to record. The reason used to be set out in this KB article:
http://support.microsoft.com/kb/2433212
which has changed to an article on troubleshooting Lync recordings, which means by basic power of deduction that Lync now supported meeting recordings! Double YEAH.

When you now connect to a Lync meeting you’ll find the option to Start Recording as well as Manage recordings as shown above.

If you go into the Recording manager you’ll see any previous Lync meetings as well as any that have been converted to .WMV. This is much easier that with Live meeting which required an add on program.
This makes it really easy to do a product demonstration across the web live and then record it and throw it up to YouTube for later broadcast. Do once, run many, very enticing I reckon for small to medium businesses (SMBs).
Lync is one of the gems of Office 365 for most SMBs because most have never had such technology available to them so cheaply. Apart from web casting think of all the email you can save by using Lync?

If you login to the admin console in Office 365 for Lync you’ll see a whole swag of new options allowing administrators to control exactly what each user can and can’t do in Lync.
This again demonstrates to me the power and flexibility Office 365 provides. It demonstrates how quickly the product is being updated and improved and with a minimum of fuss. And guess what? When it is updated it works! This is not always the case when an on premises upgrade is done.
My advice? If you haven’t gotten into Lync then your should. if you haven’t looked at the power Office 365 can bring to your business for a few dollars a month then I’ll bet your competition is.