Windows® Movie Maker 2 is an update to previous versions of Windows Movie Maker. New features such as a new user interface, wizards, transitions, effects, titles, and AutoMovie make creating home movies easier. Windows Movie Maker 2 also takes advantage of the latest Windows Media® 9 Series audio and video codecs
Microsoft has apparently released the final version of Windows Movie Maker 2 to their Windows Update servers, though the movie Maker website still says only the beta is available.