While it's probably true that Microsoft wouldn't have likely replaced Siebel with another Oracle product, the fact that Siebel customers now have many viable alternatives makes Dana's concept of an Oracle moat look a little shallow. And the fact that Fusion CRM doesn't have anywhere near the vertical industry coverage of Siebel makes it much easier for Siebel customers to look outside the red box for their next generation CRM product. This situation is similar to the dilemma facing Oracle's PeopleSoft customers--as Oracle lowers the support window for older PeopleSoft versions, the inability of Fusion HR to cover similar functionality as PeopleSoft HR makes it relatively easy for these customers to look to competitors like Workday and SuccessFactors. And the fact that Microsoft's migration to Dynamics CRM has saved it a reported $10 million per year also speaks to what's left of the "moat" once a migration is over.