As SaaS companies start to mature and go public (there were several in 2007 and a flood expected in 2008 and 2009) there is starting to be some interesting discussion about the real economics of a SaaS business.
A new debt financing firm named SaaS Capital recently released a white paper titled Understanding the Financial Implications of the Software-as-a-Service Business Model.
My experiences don’t agree with everything they say, but I find it fascinating that there is now a dedicated SaaS debt financing company.