http://www.microsoft.com/windows/windowsmedia/forpros/encoderse/default.aspx
The link notes:

Segment based re-encode
Better 10 to 8-bit encoding
Hardware Acceleration
ISAN and Ad-ID support
Multiple audio tracks
Encode from multiple tracks
Graphical bitstream analyzer

Tie this into the release of a HD-DVD development kit, I guess they are serious about video now.

In case you missed the HD-DVD one, it is here:

http://www.microsoft.com/windows/windowsmedia/forpros/hddvd/default.aspx

Thanks George (don't know how I missed this one). We've integrated the entire corporation with the windows media format in our standard deployment, (solved alot of internal issues with playback, etc). I'm upgrading to HDV capture, now it looks like I'll have a logical solution for publication/distribution.

Yes, I'm also glad to hear that Microsoft is getting serious.