ITIL, Microsoft Style
There are three things I like about MOF:
1) It is more team oriented.
2) It emphasizes lifecycles.
3) It integrates with Microsoft Solutions Framework (MSF).
Microsoft's Solution Framework is a process framework for designing, developing, testing and releasing applications. Think of it as ITIL for developers. I believe that together, MSF and MOF cover more of the typical HIS IT activities than does ITIL alone.
I haven't quite figured out if Microsoft developed and published MSF and MOF out of the goodness of their hearts or if we can expect some kind of licensing model. Past experiences would point to the latter. If nothing else, perhaps a way to lock in Visual Studio developers.
In any case, I still see significant value in these frameworks and team concepts. Here are some good introductory books from Amazon on MSF and MOF.

