It’s released, but not yet available for MSDN subscribers. That said, you can download the Trial Edition and get your hands on it. My understanding is that you can product key activate it later, when it shows up on MSDN.
Click here For more information on Express Studio 3, including a top 10 list of features. I’m most excited about #7 …
Team Foundation Server Integration – share your Expression Studio project files with those of your colleagues by using check in and check out functionality with Microsoft Team Foundation Server integration.