Actually it has been available for download for several days now, but I was looking on Orcas features and completely forgot to mention it on my blog. Here they are:
You can use the to install SP1 versions of VC++ libraries on computers that do not have Visual Studio installed. You need SP1 version of VC++ libraries for applications that you build with VC++ Express SP1 or Visual Studio 2005 SP1.
BTW it does not require Windows Installer 3.0, it works just fine with Windows Installer 2.0. And yes, it can be installed on Windows Vista. I guess they are re-using old templates I have been created for RTM release of VCRedist.EXE. I will have to check with VC Release folks on that.