I popped this on the home page of my site last week, but forgot to link to it here.
From my site:
The recently released Volta CTP is an example of how Microsoft is helping desktop client developers build web applications. Promoted as a 'tier splitting' technology, the compiler helps spread out the application to client and server tiers, tied together with Volta created 'glue'. Download available here. Requires .NET 3.5 and VS2008.