I recently saw an advertisement for a webinar on the subject of this post in a newsletter. The seminar looks at the feasibility and some of the limitations.
For us this is a been there done that subject. We worked with one of our clients (partners) to develop a framework of tools, etc. for them to quickly build out applications that would work in both WPF desktop and web via Silverlight.
That is not to say there were no limitations or gotchas involved. The XAML is not 100% compatible between the environments and similarly the with the .NET framework… essentially Silverlight is a subset of both with some other limitations.
With Silverlight 3 out, the picture got even better.
If you have a requirement or desire to define you UI once for both the web and desktop, the technology is now there to do it for most situations.