New and improved Reporting Services features:

• Self Service Alerting
• Crescent
• Excel/Word renderers (Open XML)
• Much faster and more scalable Sharepoint Mode

Read more here: http://blogs.msdn.com/b/sqlrsteamblog/archive/2011/07/12/sql-server-codename-quot-denali-quot-ctp3-including-project-quot-crescent-quot-is-now-publically-available.aspx