Microsoft have done a great job of putting up some recordings of a recent conference which has some great demos of Sharepoint 2007 in action showing how you would implement a CMS system into this.
Editor
First impressions are that I like the fact that you can edit templates in Visual Studio or the FrontPage replacement. One thing about working in RedDot was that EVERYTHING is in a browser so you can only be editing one template at once and being in a windows application does make it a lot faster.
SmartClient
It also has some amazing integration with Office documents saved in the new XML format. Basically you can create a new News Item based on a News Item Word document and it pulls the content from it and styles it as defined in the Sharepoint Template chosen. It can also retain the link between these two documents if there are changes in either.

Also found these two nice links:
SharePoint bloggers round up
WSS FAQ - additions and corrections - XVI - 24th July - 30th July 2006