WinFX will be renamed to .NET Framework 3.0 Chk out the post at somasegar’s blog. Seems the change is only in name and not effect the technologies delivered as part of the product. 3.0 is still comprised of existing .NET Framework 2.0 components, inc. ASP.NET, WinForms, ADO.NET, additional base class libraries and the CLR, as well as new developer-focused innovative technologies in WPF, WCF, WF and WCS:

& Ya the CLR is same v2.0. The .NET Framework 3.0 will still ship with Windows Vista, and will be available for Windows XP and Windows Server 2003.

The .NET Framework has always been at the core of WinFX, but the WinFX brand didn’t convey this. This change is aimed to reduce / end confusion of ppl about which MS developer platform and The technologies they should invest in. 

Great Move!