It also includes Webmin, a web-based administration tool, but no graphical desktop. SMS, which comes with Slackware's text-mode system installer, is built using Linux-Live scripts (from Slax) and can be used as a live CD for testing purposes.
Updates (via Distrowatch):
Superb Mini Server (SMS) 1.5.6, a Slackware-based server distribution, has been released: "Superb Mini Server version 1.5.6 released (Linux kernel 188.8.131.52). SMS 1.5.6 comes with a long-term version of the Linux kernel. This release upgrades packages to Slackware 'Current' and brings the latest stable versions of several packages. New packages in this release are Berkeley DB 4.6 (this is the default DB for SMS from now on) LXC, libcgroup, nss-mdns, util-linux (replaces util-linux-ng) and Yasm. New packages in extra are the Avahi directory which includes Avahi, libdaemon, nss-mdns with Avahi support and imlib2 which is mostly for sharing photo libraries through Avahi to iPhoto or FronRow on a Mac OS X or to an Apple TV. Important changes for those who are upgrading are Netatalk and OpenLDAP compiled against Berkeley DB 4.6."
Here is the release announcement with a brief changelog.
Download (MD5): SMS.Live.CD-1.5.6.iso (365MB), SMS64.Live.CD-1.5.6.iso (377MB)
• 2011-02-21: Distribution Release: Superb Mini Server 1.5.6
• 2011-01-08: Distribution Release: Superb Mini Server 1.5.5
• 2010-12-06: Distribution Release: Superb Mini Server 1.5.4
• 2010-09-14: Distribution Release: Superb Mini Server 1.5.3
• 2010-06-21: Distribution Release: Superb Mini Server 1.5.2