Arpan Shah wrote an article about the next version of CMS, what the changes are and where it is going to with WSS3 and Office 12. I think this article gives a good overview for people looking for the furture of CMS in the huge information wave about Offce 12 lately.

“Based on feedback from you, partners and analysts, we are building CMS functionality on top of Wndows SharePoint Services (WSS) "v3". CMS and SPS, along with a lot of other great functionality, will be one integrated set of technologies built on top of WSS "v3". The Office Server investments built on top of WSS "v3" are codenamed Office "12" SharePoint Servers. The broad investment areas include ECM, Search, Portal, Collab, BI and Forms. We're careful not to say SPS "12" or CMS 2007, because packaging and licensing decisions have not been made. While these technologies will be technically integrated (same development, deployment and end-user experience), we have not made decisions on how these will be packaged. As a current customer, rest assured that you will get what you have today.
I'd like to expand on what this specifically means for CMS 2002 customers. (Keep in mind, this is a subset of the ECM investments we are making in Office "12" SharePoint Servers.) You will no longer have to deploy two different WSS and CMS solutions; CMS functionality will be built on top of WSS allowing you to deploy a single WCM and Collaborative solution. Also, you gain a lot of other benefits b/c it's built on WSS: Web Parts, Lists, Document Libraries, Templates, Workflow
, RSS, et cetera.“
Read the complete posting