What is Max?
Microsoft® Codename Max is not like any other product. That's because it's not a product—it's your opportunity to try an exciting new user experience from Microsoft. Today Max lets you make lists of your photos and turn them into beautiful slide shows to share with your family and friends. Tomorrow...who knows
Isn't that just the fluffiest sales pitch you have ever read?
If you can't really work out what MS has launched, basically it is their version of Picasa...
Oh, and it uses the basis of Longhorn's graphics subset to do all the tricky graphic stuff.