IIS Media Services 3.0 has been released and is now available as a free download for Windows 2008 and Windows 2008 R2!
IIS Media Services, an integrated HTTP-based media delivery platform, delivers true HD (720p+) streaming and provides real-time logging to measure media investments.
By offering a complete media delivery platform together with a traditional Web server, rich dynamic Web sites can now be managed and administered from a single Web platform. IIS Media Services offers the highest quality streaming media experience available on the Web.
Check out this post for more information: http://blogs.iis.net/bills/archive/2009/10/14/iis-media-services-3-0-released.aspx