A Garageband-like application for Vista?

Microsoft is rumored to be working on a project named Monaco that could simply be a Garageband-like application for Windows Vista.
We do not have many details about it, except that it would use the Aero graphical interface to enhance its visual rendering.
After en integrated Mail-like application, Vista is indeed going to be a real copy of OSX Tiger. In the future, if OSX and Windows keep providing increasing number of integrated applications, it might be a problem for independent developers, and it might reduce the offer of software. It might also revive the war between Apple and Microsoft, both companies trying to promote their own file formats (for music, video, documents, etc…).