Microsoft will be embeding more and more WF based capabilities in to its product suite. We have seen the formal announcement for the BTS 2006 R2 where the Human workflow component in BTS will be implemented as WF. eventually, one would expect BTS2008/2010 will fully incorporate WF. However the BTS product is an EAI server. bundling Human workflow into it may not completely make sense. MS may not produce a workflow server at all.
Whether BAM will also evolve to support WF as a suite of product is unknown. MS does have most of the components of a Workflow platform in place. So, whether they combine and make it a platform offering or not is an interesting question. This will change the landscape for ISVs who currently bridge the gap in the workflow / BPM area.
Microsoft’s scorecards and Performance point also has a part to play in the Business Process Management arena. Imagine one day all WF processes could be managed from a central place and integrated in to corporate reporting would be a great capability. This won’t be for free and MS will need many years to deliver this.