A couple of news stories have surfaced about a Standard Edition of Microsoft Content Management Server. Here's one story at CNet. Microsoft will be making an official announcement soon, I expect. One part to note is that the article says, “the new software, ...can only be used on a single processor server.” Actually, the CMS Standard Edition is limited to use only one processor, but it can be installed on a multiple processor box. The CMS Connector for SharePoint is also mentioned in this article. This connector has been released to Beta, and will be available for free download before the end of the year.
Update: Here is the Official Press Release.