Microsoft Downloads - IIS Transform Manager 1.0 (RTW) [x86, x64]

Runs encoding tasks to convert media files to on-demand Smooth Streams for Silverlight clients and Apple mobile digital devices.

IIS Transform Manager 1.0 is an extensible media transform engine that enables "watch folder" job submission, queuing, management, integrated media transcoding/container format repackaging, and batch-encryption of on-demand audio and video files. One example of a media transform is transcoding Windows Media-formatted and MP4-formatted files, or other encoder-supported file formats, to on-demand Smooth Streams for delivery to Smooth Streaming-compatible clients (such as Silverlight). Another example is repackaging Smooth Streaming fragments encoded with H.264 (AVC) video and AAC-LC audio codecs to MPEG-2 Transport Stream (MPEG-2 TS) segments for delivery to Apple® mobile digital devices. Transform Manager can be integrated with the IIS Smooth Streaming feature in IIS Media Services, which delivers the converted content.

I've not seen much else about this yet, but I thought this kind of interesting and cool...