Shimano has come out with a new mid-priced groupset, SLX, which combines the durability of LX with some of the more performance-oriented features of XT and a compact double mountain crankset.
SLX offers you the choice of a new compact 36T/22T double crankset with a bash guard, as well as the option of a middle chain ring that goes to 36T. You can also opt to have the steel-composite middle chain ring currently offered in the 2008 XT groupset. If you want the traditional triple chain ring set up, you can choose a big ring of either 44T or 48T. The 48T comes with an outer chain ring guard. In addition, the crank arm pedal inserts are made of steel, so you are less likely to cross-thread or strip your cranks. Make sure you pick the correct derailleurs for your crank set choice. Just like road bikes, you will have to make sure that the front and rear derailleurs have cages that specifically suit the number of teeth and jumps between ring sizes of your chosen crank set's chain rings. The Hollowtech II design is designed to fit both 68mm and 73mm bottom brackets. (Hollowtech II cranks require external bottom bracket cups.)
You have six front derailleur options from which to choose, so just about any bike frame should be able to accommodate this group set. The SLX Rapid Fire Shifting pod option appears to be the same functioning quality level as XT. The rear derailleur uses the Shimano Shadow profile (which was release in XTR September of 2007). "Shadow" basically means the profile of the derailleur is slimmer; thus, it sits closer to the bike frame, so you are less likely to smack and damage your rear derailleur on a rock or a log. SLX brakes consist of the Shimano Servo Wave system, which is cam assisted. You can opt for a 20mm front axle. (But there is not of yet a 15mm axle option offered with XT and XTR.) The Deore LX group set is now being groomed to be more of a dependable commuter or enthusiast group set.
The SLX group set was not on the Shimano site when I searched. But the word is that Shimano has given attention to improving the performance as well as the look and feel of the SLX group set. (If you ride on this group set this season, put up a post and let us know what you think.)
Photos lifted from Bikeradar. Most currently info taken from bikeradar.