Congrats to the Expression Encoder team for not only shipping V4 but also getting it propped to the MS Store where you can now pick it up the Pro version for $49:
http://store.microsoft.com/microsoft/Expression-Encoder-4-Pro/product/0BE96B98
For info on what’s new check out the product site:
http://www.microsoft.com/expression/products/EncoderPro_Features.aspx
One of my favorite new features is a small one: The ability select a precise screen capture size (eg 1024x768) and then resize a window into the capture region:
This makes it much easier to record quick demos of a particular app window at a deterministic capture size / bitrate.
There are some other nice UI improvements most notable of which is probably the greatly improved Live encoding mode:
Expression Encoder 4 (i.e. the non-pro version) is still available as a free download which now includes the ability to do non-live Smooth Streaming encoding.. check it out here:

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Dew Drop – June 25, 2010 | Alvin Ashcraft's Morning Dew
It should use the built-in H.264+AAC encoders on Windows 7 (add Media Foundation based encoding and decoding support in a future version please).
I am not a spammer ;-)