We shipped ASP.NET MVC 1 a little less than a year ago.  Since then, almost 1 million developers have downloaded and used the final release, and its popularity has steadily grown month over month.

ASP.NET MVC 2 is the next significant update of ASP.NET MVC. It is a compatible update to ASP.NET MVC 1 – so all the knowledge, skills, code, and extensions you already have with ASP.NET MVC continue to work and apply going forward. Like the first release, we are also shipping the source code for ASP.NET MVC 2 under an OSI-compliant open-source license.

ASP.NET MVC 2 can be installed side-by-side with ASP.NET MVC 1 (meaning you can have some apps built with V1 and others built with V2 on the same machine).  We have instructions on how to update your existing ASP.NET MVC 1 apps to use ASP.NET MVC 2 using VS 2008 here.  Note that VS 2010 has an automated upgrade wizard that can automatically migrate your existing ASP.NET MVC 1 applications to ASP.NET MVC 2 for you.