This program can be installed on a client workstation, along with the .NET runtime, and can then be used to launch .NET programs from a URL. The .NET program will be automatically downloaded into a cache on the client machine and will run from there. Any dependant DLLs will also be automatically downloaded to the client machine. The program and DLLs will also automatically update when new versions are placed on the server.
The source for this information, Rocky himself. He was the speaker yesterday for the monthly .Net Developers group meeting at Columbus. He spoke on architecture choices and best practices for putting the .Net Framework to work. It was a nice talk and we actually understood Remoting and Web Services concepts and when to use which. Cool.