First, App Engine will really only run things that are written for App Engine. If you have a Python web application, there's a good likelihood that it won't run on App Engine because it does things that App Engine doesn't (like relational database stuff or cron jobs or whatnot). Enterprise applications are things already written.
Second, enterprise applications are usually things that don't need to support millions of users so much as they need to have features. You're not serving like Digg or Google so much as doing non-real-time data processing. So, App Engine's infiniscale thing isn't as important as a relational database's ability to have triggers.
Third, App Engine doesn't have an SLA. That's a harsh sell for enterprise stuff. It doesn't even have a way to make a backup of the database in a dump file. That makes it an absolute no-go.
Fourth, App Engine's low cost usually isn't a concern on the enterprise level (even if it should be).
App Engine is a cool service, but whether it will become important is yet to be seen. If you're running a small site (say, 1,000,000 pageviews per month), you aren't going to have trouble scaling a MySQL/PostgreSQL database and application. You'll normally be showing one pageview per second at that rate. So, it's just as easy to go with Slicehost or Amazon. And using Amazon or Slicehost or the like has advantages - you get to use any software you find useful, you can have relational databases, etc. So, for small sites, App Engine's scaling capabilities aren't so important.
For larger sites, you just can't deal without a backup strategy, SLA, and cron jobs. It's too limiting. Plus, when you're a big site, you can hire people to deal with scaling issues.
So, it misses a little on both sides. I really want to love it, but there are just some gaps in the offering that are really important. I don't think Google needs to worry about the low side since they can't practically offer things like JOINs off their architecture, but on the high side, they need to offer data dumps and cron jobs and a little more information about the data integrity in the system (how many copies, how fast is it replicated, etc.)