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Powershell is an object orientated scripting language which is extensible and is the foundation admin tool for Exchange Server 2007 and System Center Operations Manager 2007. 

One of our MVPs (Most Valuable Professionals) talks about Windows Server 2008 in particular powershell and virtualisation on this Technet radio spot.

Listen to TechNet Radio WMA | MP3 High | MP3 Low (25 mins)