I am evaluating WF for use in line of business applications on the web, and I would love to hear some recent first-hand accounts of this technology.
My main interest
Windows Workflow Foundation is a very capable product but still very much in its 1st version :-(
The main reasons for use include:
WF comes as a library/framework so most of the time you need to write the host that instantiates the WF runtime. That said, using WCF hosted in IIS is a viable solution and saves a lot of work. However the WCF/WF coupling is less than perfect and needs some serious work. See here http://msmvps.com/blogs/theproblemsolver/archive/2008/08/06/using-a-transactionscopeactivity-with-a-wcf-receiveactivity.aspx for more details. Expect quite a few changes/enhancements in the next version.
WF (and WCF) are pretty central to a lot of the new stuff coming out of Microsoft. You can expect some interesting announcements during the PDC.
BTW keeping multiple versions of a workflow running takes a bit of work but that is mostly standard .NET. I just did a series of blog posts on the subject starting here: http://msmvps.com/blogs/theproblemsolver/archive/2008/09/10/versioning-long-running-workfows.aspx
About visually modeling business requirements. In theory this works quite well with a separation of intent and implementation. However in practice you will drop quite a few extra activities on a workflow purely for technical reasons and that sort of defeats the purpose as You have to tell a business analyst to ignore half the shapes and lines.