Microsoft has developed the "Interactive Media Manager" (brochure pdf) which is 5 webparts that help provide a "collaborative media management solution" extending MOSS07 for media/entertainment companies like Time/Warner. Seriously, these 5 webparts and now CNN will be all over it. Ok, it's more of a marketing ploy to get MS into the door to do some consulting work for the big media guys. 

What does it do?

You can metatag all your media (RDF and OWL based), apply workflows that include encoding video into different sizes/formats, viewing media with SMTP time codes, and a collaboration web part to allow for discussions on subclips with the ability to add "digital ink" to a screen cap to facilitate discussions. You can do a simple video edit, looks like a browser-based iMovie without the iMovie goodies (in this video here). It uses a lot of AJAX, Silverlight, BizTalk server, and other Microsoft technologies. CodePlex also has something for it.

What doesn't it do?

Well, that's a lot. It's not integrating with Final Cut Pro or Avid or anything, but I guess its intent is to be SharePoint with some media customizations. With another 30 webparts focused in this area, this might be a good thing. For now, it's just kind of basic. Very proof-of-concept. BTW, I love how the brochure has a pic of a recording engineer even though everything about this seems to be focused on video.

Video demo of IMM after the jump.