For those of you who hasn't noticed this yet - Windows Update Services has reached Beta 2 (finally - the last version of WUS that was publicly released was in March as I recall) so Microsoft has relaunched its evaluation program. Information on WUS and registration for Beta download can be found here.
The current version version of WUS will of course update Windows (As SUS already does), but more interestingly it will also update Microsoft Office, Exchange and SQL (Including MSDE) and will in the "near future" also include other Microsoft products.
It will still leverage the BITS (Background Intelligent Transfer Service) platform but now in an updated version 2.0 (As does Windows Update v5) and much more interestingly it will now have the targeting and reporting features that we missed so much from SUS (making it much more applicable for other than small to medium organizations).
I've played a lot with the earlier versions of WUS and it's a big step forward - so go ahead download and test it so that you will be ready for the final release (Check out screenshots of WUS in this article).