I recently found MSF 4.0 is out  - yep, it is still in two flavors…

MSF Agile (or officially "MSF for Agile Software Development Process Guidance") and MSF 4 CMMI (MSF for CMMI Process Improvement Process Guidance)

I consider MSF Agile as a lightweight process, however I prefer SCRUM as an Agile project management  process.

I find the CMMI version more interesting - Both for  cases where Agile is not a good fit (also see  Agile vs. Plan driven development  )

and/or for organizations that need to have CMMI certifications (such as the one I currently work for). MSF 4 CMMI covers level 3 pretty well and also has some guidance moving on to the next levels.

Definitely worth a look :)