We just released IIS Media Services 3.0, a set of extensions for Internet Information Services 7 (IIS) that provide an integrated HTTP-based media delivery platform. This includes the new IIS Live Smooth Streaming and the separate IIS Advanced Logging package.

In addition, we released the beta of the Smooth Streaming Player Development Kit, which allows developers to easily create Smooth Streaming experiences using Silverlight. Supported features include PlayReady

http://blogs.iis.net/chriskno/archive/2009/10/12/iis-media-services-3-0-including-iis-live-smooth-streaming-has-been-released.aspx

See these blog posts to learn more about the key new features that are part of this release: