I see that Channel 9 have a video up on this (downloading at the moment.
From the comments I found the official site here. It seems to be a great way to allow Sharepoint to combine sections from multiple applications and most tellingly take the data offline in a controlled and synchronized way. Much like the PerformancePoint server will for adding forecast data.
LOBi is a set of services designed to support and enhance Office SharePoint Server 2007 and Office Business Application Services. It provides specific support for:
Surfacing reusable line-of-business data in the Microsoft 2007 Office Suites. Business data and processes can be surfaced as objects in Office rich-client applications. Write once and reuse objects anywhere across the Office Suites.
- Providing deep interaction with line-of-business applications. Processes can be surfaced in Office and results can be written back to underlying applications.
- Taking existing processes offline. Processes in a line-of-business application can be surfaced in Office and taken offline, and then synchronize with the business application when re-attaching to a network.