You can use File Server Management to perform many tasks, such as formatting volumes, creating shares, defragmenting volumes, creating and managing shares, setting quota limits, creating storage utilization reports, replicating data to and from the file server, managing Storage Area Networks (SANs), and sharing files with UNIX and Macintosh systems.
The File Server Managment MMC gives you direct access to the File Server Resource Manager, Shared Folder Manager and Disk Manager all in one MMC console. By expanding the Scenarios drop down list, you can start a number of specific tasks immediatley. There is also an Actions pane on the right (had to cut it to fit the screenshot) with a quick access to configuration options for each tool. If you have used ISA Server 2004 you are familiar with the Action pane already.
You can also manage all shared folders on the local computer, XXXXX
You can also open up Disk Manager to view and edit the local machines disks and partitions.
And finally, you can also manage quotas, file screening settings, and generate storage mangement reports from the File Server Resource Manager.
I will have a lot more on the File Server Resource Manager soon!
If you have DFS installed you can also manage DFS roots and replicas from this console. Also you can connect to remote computers to manage their local resources. Simply right-click File Server Management (Local) and select Connect to another computer. Simple as that!