Bit overexcited?
Silverlight is great for me. It means I am able to leverage some of our WPF assets and all of our skills creating rich applications which can be delivered over the web (note that's rich applications over the web, not necessarily rich web application with their HTML and JavaScript limitations).
In Silverlight 3 Microsoft made it possible for users to 'download' a Silverlight page to run as a local application. A good idea originally by the team at Novell creating the Moonlight variant.
In Silverlight 4 this local version is able to be a full trust application and use, for example, COM to perform operations that are not permitted when Silverlight is running in a browser hosted sandbox.
So as a developer, I have a choice:
1) I can create a rich application that is able to run in several browsers on Windows and Mac (and if I choose to limit myself to the Silverlight 2.0 feature set on Linux); or
2) I can create what is really a desktop application that's easy for users and corporate administrators to roll out (none of that install step) but which can behave like a desktop application.
That arrangement maybe your lock-in. But it's my choice. I only wish AIR (Flash) would be as flexible.