We've just released the Community Technology Preview (CTP) of Game Studio Version 3.0. If you haven't read the post on our team blog yet, check it out here.
One of the coolest new features (I'm a bit biased ) in version 3.0 is the SoundEffect API, which allows you to drag and drop wav files into your game project, and then use Content.Load<SoundEffect> to load SoundEffects.
A few people have asked about what this means for XACT. Well, the XACT APIs aren't going anywhere, they are still supported and we expect people to still use them! XACT is useful if you're looking for a more content-driven solution, where the majority of the sound design is done in the XACT tool. What the SoundEffect APIs offer is a more self-contained, code driven approach. Hope that clears things up a bit.