As we've just released the 2.0 version of our FC.MetadataExtractor product I thought I should catch up with some blog postings on DAM functionality in SharePoint.
One of the great things that come with SharePoint 2007 and WSS 3 is that you can keep track not only of the different versions of an image but also of its metadata. This is extremely helpful as entering metadata in a corporate environment is usually done over multiple rounds and maybe even involves several contributors.
All you need to do to activate versioning of metadata is to enable Versioning in the Site Settings:
Once that is enabled you can either create a new version by uploading a new version of the image which includes new metadata, or by editing the metadata directly in SharePoint.
The Version history is now available via the item's context menu and the metadata trail can be seen in the screenshot below:
This is just one example of the great base-level functionality SharePoint 2007 / WSS 3 include that can be applied in many scenarios, but is especially useful for metadata-heavy applications like DAM.