LS produces Silverlight applications, which can be run in a web browser. It doesn't produce traditional HTML-based web applications though.
Dynamic Data is an attempt to do a similar thing (rapid development of CRUD web sites) using ASP.NET, however it's a dead duck, and always had been. I wasted some time on it a while back, and gave up due to the awful docs, zero support from Microsoft, and
the complexity of code needed to do fairly simple things.
At the moment, if you want an HTML-based CRUD site, you still have to do it yourself. i really don't recommend going down the Dynamic Data path, you'll end up bruised and wondering why you bothered. If a Silverlight site is acceptable, then use LS.
If you want to read more of my experiences with Dynamic Data (personal experiences and opinions, not intended to represent anyone other than me), please have a look at
my blog posts on the subject.
Hope this helps.
If you're really bored, you could read about my experiments with .NET and some of Microsoft's newer technologies at
http://dotnetwhatnot.pixata.co.uk/
