The SliverLight Live Dev page points to several resources and REST based API for accessing the service itself. There are also references of tools to perform media transcoding. That said SilverLight and the companion service has opened up several possibilities by allowing an efficient time to market and a worry free infrastructure. A transcoding service with an API will be a great add-on and will eliminate the need for users (devs) to maintain inftrastructure for transcoding.
tags: technology, silverlight, microsoft