Microsoft today unveiled Monad has been renamed to Windows PowerShell. This is a command line interface and language for Windows.
As of today, Release Candidate 1 (RC1) of Windows PowerShell is available for download in both x64 and x86 versions. The documentation has been updated and is available online as well. Muglia also told the audience that Exchange 2007 and Microsoft Operations Manager would be built on top of Windows PowerShell, and future management tools would use similar architecture—a GUI with an underlying Windows PowerShell.
The Windows PowerShell blog contains a plethora of information about the product. In a post today, Jeffrey Snover made two major claims: you can count on Windows PowerShell shipping and it is "ready for the big leagues". In the fine print, Snover had an interesting comment on changes that have occurred in the updated API.
More information about PowerShell can be read over at ARS Technica.