From MCMS faq.com:
MCMS 2002 and SharePoint Portal Server 2003 are truly integrated into a common architecture in Microsoft Office SharePoint Server 2007. In SharePoint Server 2007, many tasks such as navigation, summary links, and scheduled deployment that an MCMS 2002 developer would perform can now be performed by users or IT professionals.SharePoint Server 2007 is built upon Microsoft Windows SharePoint Services (version 3), which includes many features previously provided by MCMS 2002, such as workflow and authentication. In addition, because SharePoint Server 2007 is based upon Windows SharePoint Services V3, which is based upon Microsoft ASP.NET 2.0, you can use functionality such as master pages, authentication providers, and navigation providers in SharePoint Server 2007.
You can find this article here.