My boss's boss has blogged about what's been going on this week: The ASP.NET MVC Source is up on CodePlex at http://www.codeplex.com/aspnet.
You can download, read and compile it now.
The goal is to start releasing drops really often. If you're into it, then watch the source code tab, if not, that's cool too, you can wait until it releases later.
You can enter bugs in the issue tracker or complain in the forums and watch the roadmap as it evolves. You can see how to compile it (unzip and build) as well.
Scott Hanselman is a former professor, former Chief Architect in finance, now speaker, consultant, father, diabetic, and Microsoft employee. I am a failed stand-up comic, a cornrower, and a book author.
Disclaimer: The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.