Downloaded and looking at the latest ASP.NET MVC 1.0 RC1 project from Microsoft. 

Microsoft’s ASP.NET Model View Controller design pattern for Test-Driven Development of enterprise scale Web applications, is really Microsoft’s answer to the Ruby on Rails framework used by Web developers for rapid prototyping of applications.

High hopes based on feedback that I’ve seen so far.

Look at Scott Guthrie’s (corporate vice president of Microsoft's developer division) blog posting to get an overview of the release.