At first I thought Volta is the Microsoft's answer to Google Web Toolkit (GWT). Yes, on one hand it is, but on the other it provides a way more. Personally I've been wondering when the .NET world will have a similar toolset and now when it is a fact I'm sure a lot of developers will like it.
The main goal is to simplify the designing, building, deploying, testing, and debugging of distributed, multi-tier applications, while minimizing the amount of "new stuff" developers must learn. Volta leverages familiar, existing .NET compilers, tools, and libraries and extends them into the distributed realm.
I like that passage. I like the way Microsoft are trying to push the envelope.
If you are interested go and check out the official Volta web site in the Microsoft Live labs. There is an available technical preview that you can download and play with. Also you can find samples included in the package. Remember to visit the Volta Team Blog and to subscribe for their feed to stay up to date with the latest bits.