Some exciting news has been announced a little while ago by Scott Guthrie, here.
Silverlight has a new timeline, new feature set, and new name (actually, new version number).
Silverlight 2.0 Beta will be released the first quarter of 2008. It includes an exciting list of new functionality and controls. The best part of all is that the release comes with a Go Live license; this will allow developers to immediately use the new feature set when the bits are available.
A new day is dawning in Web development!
Hope this helps.
Joshua Johnson