Fantastic write-up on the new features of SharePoint 2010 relative to Enterprise Content Management can be found at 8 Reasons SharePoint 2010 Looks Like a True ECM System.  Greg Clark did his homework both before the release (what it would need) and now what it has.

I continue to espouse that Content Management is not nearly as powerful without a healthy dose of functional workflow (that SharePoint 2010 doesn’t yet provide).  Jeff’s observation that the audit trail isn’t there in 2010 is yet another reason to use a SharePoint Workflow System like ours.  Tracking of check in / out, approvals, etc. is all done and provides a level of assurance that out-of-the-box 2010 ECM doesn’t provide.