>I meant in terms of developing COM with .Net, is it still COM? Or is there another standard being produced?

If you have an existing COM component and you want to call it from .NET, there is a Runtime Callable Wrapper (RCW) that .NET creates as an interface to wrap your COM object. So to .NET your COM object just looks like another .NET object. So its the same COM. The innovation is the RCW that marshalls the .NET calls into something that COM can understand.