Microsoft has announced a new cross-platform run-time encoding platform for both the pc and Mac, the Expression Media Encoder. Geared more for designers and the creative team, EME is more of an interactive tool with a slicker UI then WM Encoder 9 but not a replacement, according to James Clarke, Program Manager for Microsoft, he is based in the UK.

Positioning and Key Features:
Designers and other creative’s in the production chain
Pre-configured templates
Cross-platform: PC, Mac
Vector based, allowing for resizing of graphic elements
Uses Direct Show pipeline – better capabilities for importation of QT, MPEG, in addition to other filters for example: DivX - I would imagine the 6.5.1 Codec?
Live Event Encoding
Built in Meta data tagging using ISAN
Chapter Points
Script Commands
EFX

Some more specifics:
Supports VC1 profiles which are optimized for Silverlight
A/B compare of an encode or effect, this in real-time making it easier for designers to see the output.
Video overlays allow for real-time viewing of bugs and other graphics
Stitching (an XML file which is command loadable)
Chapter points / I-frames are available via option keys
Markers can be dragged for changing their point on the time-line or via Time Code in/out using XML
Script Commands - written inside the .ASF container it can fire an external event, for example, sub-titles or hot spots for implicate product placement within the frame.
Video Brush- A cool feature it allows EFX capabilities such as PIP, James referred to it, as like a DVE.
Live encoding enabled, capability for multiple live sources – using any Direct Show format, can also push to WM server for scalability
Configure a behavior, i.e. files play-over from one file to the next
File archive for On-demand post event
There is the capability for simple switching between sources, be they live or files.
Some Items I would Wish For:
The current metaphor is not NLE but time-line, hopefully this will change when it is released. An SDK to allow creative teams to build their own actions and plug-ins, which could become part of the user community.
Having worked extensively with WM 9 Encoder I look forward to seeing the Expression in action. One area not mentioned was audio capture, a sore point for WM9 where metering is uncalibrated. Additionally, WM9 uses significant system resources when capturing, perhaps EMC is leaner?
To view a demo of the encoder, see channel 9 site