Robert links to a Scoble show video (see below) with the Smilebox guys. It's a good video and in the first few minutes of the video, Scoble gets to chat with the developers (which is cool). About 7 minutes in though, Scoble asks how often they update the code and (because they are agile) the developer says around every two to three weeks; Scoble replies, saying that fact alone tells him they are not a Microsoft shop.
Well I can tell you that you certainly can be agile and be a Microsoft shop. See netBake for details, an agile SaaS solution built using Visual Studio 2005.