SQL Server Reporting Services has been released, but the download is for a time-bombed 120 evaluation version.
- importing Access reports.
- scheduled execution of reports
- subscriptions to reports
- various output types: html, xml, pdf, text, rtf, xls
- Visual Studio IDE integration
- XML report definition format (patent pending? :) )
- web service/soap api
- MSDE is not an option. Doesn't appear to be even something you can buy for MSDE. (To clarify - you can use MSDE for data sources, but the reporting services database for metadata cannot be hosted by MSDE)