“Carmine” (System Center Virtual Machine Manager (SCVMM) Beta 1) is available for download! You first need to register for the beta at http://connect.microsoft.com, and then login into http://connect.microsoft.com/vmm/downloads with your passport Id.
I just finished downloading it and will start playing with it soon. Too bad that calling into VMM from Powershell and the functionality to convert from a physical machine to a virtual machine are not included in this beta.