Sometime during this summer (probably before August), we will release our second SDK update to DirectX 9.0, called "Microsoft DirectX 9.0 SDK Update (Summer 2004).” If you attended the Game Developer's Conference in March, you've already heard all this, but for those of you who haven't, I have some news to share with you Managed DirectX die-hards.
Let's do the bad news part first:
1) The Visual Basic examples are gone. I'm sure this will cause some hurt feelings among VB developers, but I intend to publish a simple C# to VB conversion guide that reflects the lessons I learned while converting my DX gaming book from C# to VB. The amount of work you will need to do isn't that bad, and hopefully the VB versions will return in a future release, should there be sufficient demand. Contrary to popular belief, Microsoft does not have infinite resources for software development, and I can attest to the fact that the loss of the VB samples have caused great concern among many people, even internally. On the other hand, cutting the VB samples gave the Managed DirectX team a little more time to build several high-quality examples in Managed code using C# and to add more improvements to the API and the documentation. In my opinion, the end results are worth the loss of the VB samples -- even die-hard VB people that work with DirectX should be pleased.
2) There is no longer a DirectX "Wizard" in Visual Studio. See below for my comments on the replacement for the DirectX VS Wizard.
3) Some examples have been removed (Dolphin, Point Sprites, etc.). I hope these make it back in the final 2004 release. In my opinion, there's no such thing as "Too many DirectX examples" 
Now for the good news: As I've hinted, there are many improvements in the API and documentation (which has been the biggest complaint that I've seen about the Managed DirectX libraries). There are some noteworthy demos though that will simply blow your socks off:
1) A new "Empty Project" from which you can base new MDX applications. From my perspective, this is better than the old VS wizard, for two reasons: 1) The benefits of the autogenerated code were, in my opinion, marginal, and 2) The new release contains an installable "Empty Project" which has a better code layout than the DirectX Wizard in the 2003 update. For instance, it has a more direct message handling interface than the mysterious "Application.DoEvents()" method call. In a nutshell, the new C# project files map more closely to a "look and feel" C++ DX example, without making it feel like rehashed C++.
2) The source for the Mesh Viewer (mview.exe) tool has finally been released. Even though it's in C++, it's still a long-overdue addition.
3) A demo of how C# can be used as a safe scripting language inside unmanaged games. This one is great!
4) Several HLSL samples. If you aren't familiar with HLSL or shader programming, this release will cure that problem.
5) The biggie: Windows Form-like UI Elements (see photo below). This is a huge deal. Many game developers must resort to writing their own UI when they write games. This is a repetitive (and often painful) process. The DirectX team has dramatically simplified this to give us the ability to write Winform-type components (drop downs, checkboxes, etc.) with ease. The downside is that you don't have a visual designer to help you create the layouts, but that's a minor setback. Overall, I just can't rave about this one enough!!
Overall, this is a great release (even in its current beta form) and bodes very well for developers that want to continue writing managed code.