Recently, during Bob Muglia's keynote address at TechEd 2008, ILM 2 was announced and a demo was shown. If you aren't familiar with ILM, you can read a Q and A with Douglas Leland where he discusses some of the benefits and features. You can also watch the demo.
Although I'm currently focused on AD RMS, I like to keep up with ILM, since it is in the same space (Identity and Access). It shows the direction that Microsoft is thinking in regards to how IT professionals work. There is a move toward transparent process-based work in the IT department, rather than work based on something like, "...that's Joe's area. He made a script to set up a new user. You'll have to get it from him..."