Transparent Data Encryption: What actually this means is - in earlier versions of SQL Server anybody could restore or attach and use the data in the database, of course if assuming if the unauthorized person got hold of the physical backup/data files. But SQL 2008 enables encryption of an entire database, data files or log files, without the need for application changes, plus search the encrypted data using both range and fuzzy searches, search secure data from unauthorized users, and data encryption without any changes in existing applications (developers must me happy). So in this scenerio if unauthorised person has to get access to data he needs to have the Master key, not just copy of physical backup/data file. Once encryption is turned on, the data is secured. This is not available in current CTP, soon it might be available to explore. I am expecting some kind of performance degradation on encrypted databases access, as one extra layer of data transformation is involved, but I am not sure.
Extensible Key Management: This feature was there in SQL Server 2005 but was kinda basic solution for encryption and key management. In SQL Server 2008 it even supports third-party key management and HSM (Hardware Security Modules) products, and they say usage of HSM's are much more secured. Hardware Security Module (HSM) is a hardware-based security device that generates, stores and protects cryptographic keys. It provides the foundation for a high-level secure campus certification authority. Certification modules are also available in software, but a hardware device provides a higher level of security. (source: http://www.cren.net/crenca/onepagers/hsm2.html)
Auditing: I am very happy to see this feature since SQL 2005. You can create and manage auditing via DDL while simplifying compliance by providing more comprehensive data auditing. This enables organizations to answer "basic" questions such as "What data was retrieved?".
All these above great features are available for usage via your favourite T-SQL command, isn't it great?
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