For those of you that are interested in versioning, protocol mapping, service modeling and some of the other core features of the MSE, you might want to check out http://www.opusgrid.com/blog/post/2010/11/08/The-Next-Step.aspx.  The original people behind the MSE have left Microsoft to launch a startup that you might find interesting.

I'm interested in those things.... had a quick look - good luck to the boys but I can't see a product described anywhere?

So hold on, is the MSE posted here usable? I realize there won't be any support, just curious if it's production-ready or just a beta

actually the code in the source repository won't compile, however the compiled version seems to run if you are ok with no support, no source, and no updates.

How about posting the entire source code and leave the project for the community?