In a recent Gartner Article 'Cool Vendors in Web 2.0, 2007', Zoho was mentioned as a "Cool Vendor".

The article ID is G00146431 and it requires a (paid) login. We'll try to license this article and publish it later. Meanwhile, if you have a Gartner account, you can read Gartner's opinion on Zoho and other Web 2.0 vendors.