Press release:

http://www.microsoft.com/presspass/press/2008/may08/05-01Expression2PR.mspx

• Expression Web 2 adds support for PHP and Adobe Photoshop import based on customer feedback.
• Expression Blend 2, in addition to Silverlight support, adds vertex animation and an improved user interface with a new split design/XAML view.
• Expression Design 2 adds improved exporting functionality including the ability to export slices.
• Expression Media 2 is a robust digital asset management solution for photographers and other creative professionals. It adds support for the latest file formats including RAW, provides geotagging functionality, and is supported by Microsoft Office 2007 and Microsoft Office for Mac 2008.
• Expression Encoder 2 is now a core offering of the suite. It allows creative and Web professionals to optimize almost any type of video content quickly for publishing on the Web, either in streaming video, rich-media advertising or other Web 2.0 projects.

Features:

http://www.microsoft.com/expression/features/Default.aspx?key=studio

Stop reading and go download the trial!