Stephen Swoyer at TDWI wrote a really good analysis of the SAP and Teradata partnership  It is definitely worth a read. The core idea is that they will deliver SAP BW on top of Teradata.  Some interesting points:

1. Miles Stephenson from Teradata is quoted as saying "we've got alignment at the highest levels of the companies, and … we have these R&D relationships, so both … putting skin in the game when it comes to money and … [R&D] effort".  This is an important point in that it means this is not just a pat each other on the back partnership or a reseller agreement, but a deeper partnership where SAP and Teradata will actually deliver some product.

2. According to Franz Aman from SAP "There's a lot of streaming and optimizing needed for the sheer amounts of data that are being shuffled in and consumed [by BW]. We can't just provide BW on top of general purpose databases like Oracle and DB2; we need to go beyond that and offer BW on top of finely-tuned databases that are meant to be real-time, meant to be highly scalable. Certainly, Teradata fits that bill."  This indicates they will leverage some of the advanced features of Teradata.  This is very interesting from a performance and scability point of view because that is where Teradata differentiates.

3. This could really drive Teradata's business: "Teradata officials … talk up the possibility of new customer converts — drawn (in this case) by the promise of running NetWeaver BI on top of Teradata's putatively affordable Extreme Data appliance".

Also, today, Teradata does not have much of an OLAP strategy and with this announcement, you will eventually have BW OLAP cubes on top of Teradata.  My company, Simba, helps SAP with their MDX solution for BW so we are definitely interested in seeing more BW implementations.