I just learned today at the Redmond Office 365 Saturday event that you can’t search BCS content in Office 365! That was quite a surprise. Thanks to Cory Wroth for pointing that out in his SharePoint Online Search talk. He hasn’t posted his slides yet, but if you attended the Microsoft SharePoint conference, you can log in there and download the very similar deck for SPC364.
Hopefully Microsoft will give us this functionality soon!