I've seen it and I love it. If you've ever used Visual
studio you would know that you can expand and collapse blocks of code to make
your code readable. Well in Katmai you will be able to do this in management
studio.
So if you've got big sps then you can easily simplify the view by expanding
or collapsing blocks. In addition this feature helps with the whole BEGIN and
END synchronisation. If the BEGIN corresponding to your END is 2 pages up
it is easy to miss resulting in an "incorrect syntax near ...<your last
statement in your sp>"
ps this is bought to you as part of TSQL Intellisense. I wonder what my next
favourite feature will be ???