You've heard snippets of details about what this thing code-named "WPF/e" could do, maybe even downloaded the CTP. At the National Association of Broadcasters event, Microsoft announced the official name Silverlight. This announcement is more than just a name change. More details, including pricing, were announced, and there are hints of bigger announcements coming at the MIX conference.
Brad Abrams also writes about Expression Media Encoder and the IIS7 Media Pack for Windows Server. These are going to be 2 large components of the media story.
Some blogs that have more details:
Some folks have wondered where Microsoft is going in the whole Web 2.0 movement and if we have lost our way. Umm… no. This should show that Microsoft is thinking about much more than keeping up with the Joneses, we're innovating in a significant way.