First, i talk more about Bold because i don't know ECO yet. But in a whole vision:

>Have IDE and Modeling tool, you developed your business logic components and some UI. Then what?

Then what depend. You want a workflow app? Integrate with BizTalk? Maybe partner with SAP? Is a web service?

IDE+Model+Bold/ECO (persistance object+smart navigation because OCL+other sevices)+Your requeriment here is enough. For something specific, is necesary plug something else. Not bad at all, because if a framework not let switch from one area to another is not so good...

>Who runs your business logic?
If you build in client/server model, must be the server, but you can share the logic in each tier too.

>Do you program (buy some ORM package) the entire data access layer too?

You don't need program nothing in data acces layer. I repeat: Your build a model-Import the model- BOLD GENERATE THE DATA STORAGE (and and manage that, plus basic code) - YOUR Code the necesary logic (in normal code or declarative with OCL)- Your system acces the OBJECT SPACE (ej: Persons.AllInstances, Person.LastName:='A name')

BOLD persist and get the objects from the data store (a Database or XML or...) NOT YOU (but again, if you want you can. Bold use a normal conection, for eaxmple a ADO conection, then conect the bold sytem to that, so you still can query the database or build specific SP, also you can attach to the sql generator and things like that).

>and security? and scalability? and failover? and transaction handling?

Bold have this kind of services, your decide if used that or no, or if use your own. For example, Bold have a Pesimistic space syncronizer, i mean:

1- Client A change a object
2- Client B want the same
3- Your put the syncroniizer. You can implement distributed pessimistic update, and propagate the change for ALL clients...

For security, depend on the kind of security (gui security, object level security or...) Like always, you must setup the OS security and implement a schema for your needs. Bold can help in this and exist components for this, but is not constrain to a only way to do things.

Failover&scalability is patetic easy to do with Delphi...but again about what kind of failover or scalability? is horizontal or vertical or both or...

Really, is not good a constrained framework. So the point is that is enough powerfull but still flexible...

This kind of solution is very new but exist now at least 2 3 party extender frameworks available (one named retina, for automating web services&web front end, you can use a web front-end with bold like with any kind of app, but this product "extend" the idea for something more easy&automated)

>Or maybe i'm totally missing something and Windows magically gives you all this ability?

Windows is not a Object framework. .NET is not a object persistance framework, your must use something else.

>Now, I understand that Framework and Application Server are different animals. But they called it ".Net Business Framework"

In fact, today Borland is the only guy that provide a complete solution in each area of development AND WORKING. Look at: http://www.borland.com/alm/

However, i never say that the above is magicall done, or is so symple like look. I suggest download Delphi 7 Ent (or C#Builder when available for demo). Also, visit the link i provide, you can benefit from a large number or users that played with this from 1 year ago, with frustations and succes..like always. This is a "break" technology, like move from Fat APPS to Multi/tier, so is not like a assitant that done the work, but when the teory is clear in the mind is easy.