Well it's be stated to be publically released in beta on May 23rd. It'll be interesting to get under the covers and take a look at this. I found this article which talks about how they are blending asp.net and Sharepoint technologies into one so that components such as web parts can be used in both situations.
I've still yet to see any concrete evidence of the CMS side of things competing against the likes of RedDot and TeamSite. It still appears to be running in a Dynamic approach rather than a deployment model. I've yet to see any Workflow examples, Incontext editing, Publishing to remote sites etc.
Also found this on the PDC day 3 discussions. I also found the Records Management blog here where there are some more discussions relating to Sharepoint 2007.
A few blogs poitn to the Sharepoint Technologies community space for further information as well.