The Microsoft Operation Framework version 4, still in development, has released a beta update to testers as of last Friday, covering all core modules with the exception of the Team Model Service Management Function (SMF).

I haven't personally had a chance to look at MOFv4 yet (access to the beta is by invitation only, but they've been pretty liberal with invites as far as I can tell so far... use the Microsoft Connect site to sign up), but sincerely hope that it's both better, and more broadly accepted, than the recent ITILv3 release, which has been plagued by controversy over its cost to value ratio.

More information on this beta release and the modules updated can be found at the MOF and Service Management Blog.