Let the "Oslo" fun begin!
Since the Oslo announcement at last year's SOA & BP Conference, it hasn't been really clear, at least publicly, what it is and what capabilities it provides. Now that PDC has come and gone and the SDK has been published, we are more free to talk about solutions that can be built on this type of technology. However, to explore the capabilities you need to get it installed. The installer wants a default instance of SQL Server to create the repository on. If you have a named instance you can still create the repository. To do so, you need to open a command prompt in the "Microsoft Repository" directory under the directory where you installed the SDK. Use the SqlServer argument in conjunction with CreateRepository.exe to specify the named instance.
Now that you have the repository setup, start exploring M and the Repository.