Microsoft released Microsoft: Codename Max, a photo-organisation application,
just like not at all like iPhoto or Picasa.
I haven't had a chance to try this out properly just yet (still firmly entrenched in iPhoto territory), but my first impressions are: Wow, Microsoft are really going after the Apple dollar now. Right down to jacking their smooth gradient web style.
Although, I'll give them this much - the transparent box icon is very cute.