Ok, so I saw an awesome presentation of Web Content Management in MOSS 2007 and I feel like all my newbie questions have been answered! I must say, the new version of external WCM within SharePoint is phenomenal. I love the fact that any old ASP.NET page (provided you create a master page) can become your content managed site. All the functionality for navigation is really built into the Content by Query web part. SharePoint Designer has really been pimped to handle the chores of SharePoint site development.

Unfortunately, none of the licensing has been announced for the server platform, yet (I think), but I'm pretty excited at the chances of implementing my first WCM site!