first, MSFT's software people have their hands full w/ Longhorn outside the security arena
AND
secondly, the consuming public doesn't trust MSFT with their security given MSFT's track record.
It doesn't pay MSFT to do this because the headache(s) involved with public relations would be too great. WAVX is already there and can serve as the agnostic and trusted third party.
Look at it this way: Wave Systems is really now part of INTEL in a matter of speaking. WAVX is sorta a 'division of Intel'.
So, MSFT is going to incorporate Wave because it is part of
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