Project Crescent is the Microsoft code name for the new reporting and visualization tool expected in SQL Server 2011 (Denali). There hasn't been a lot of information on Project Crescent, and it was not included in SQL Server 2011 CTP1.
Project Crescent is designed to be highly interactive and is targeted at all reporting users from CEOs to power users. Crescent provides drag and drop ad-hoc reporting functionality and was built entirely on Silverlight.
One of the interesting features is called Storyboarding. This features allows users to embed charts and graphs in Microsoft PowerPoint. The cool thing is the live link between PowerPoint and the underlying data. It does appear that Crescent will require SharePoint 2010 to run, which might be too complex for small IT organizations. Crescent will leverage Microsoft PowerPivot, which was released with SQL Server 2008.
Project Crescent is expected in SQL Server 2011 (Denali) CTP2, which could be out in April. In the meantime, check out the YouTube video Introducing Project Crescent, which shows us a few of the visualizations.