Google App Engine for Business (GAE4B) is a platform as a service that allows organizations to rapidly develop custom applications in the cloud using Java or Python. It provides enterprise features like centralized application management, dedicated support, service level agreements, and hosted SQL databases. While the pricing is a flat $8 per user per month with a $1,000 max per app, this can be significantly less than maintaining applications onsite. The presentation reviewed GAE4B's benefits and costs, outlined its roadmap for additional enterprise features, and concluded with a Q&A session.