Paula Rooney at CRN reports that MS are planning a Virtual Server management product, code-named Carmine. Her article, Microsoft Virtual Server Manager Augurs Partner Opportunities does not mention likely release dates. Also, although Paula's article does not specifically say so, other folks talking about Carmine say that it is to be based around Monad (e.g. here).
Whether or not it's based around Monad, a more compelling management product would certainly be very welcome. VS's UI is fairly lame - and that may be being kind. If Carmine is based around Monad, that would be really cool.