My opinion is that TSQL will always be there and will never be replaced as SQL is the language for the database. As far as installation is concerned, Windows PowerShell is already included as a feature in Windows Server 2008 and Windows 7. You just need to install that feature to enable the scripting engine.Still, not too many customers have had Windows PowerShell enabled on their Windows Server 2008 installations simply because of adoption. If server administrators already have a lot of VBScript scripts that they use for managing servers, it would be quite difficult to convince them to rewrite those scripts in PowerShell.
As for Exchange Server 2007, the entire server was built with Windows PowerShell in mind. In fact, the Exchange Management Interface was designed in such a way that all the mouse-clicks and menu-clicks are actually calls to Exchange-PowerShell cmdlets. This is Microsoft's direction by defining this in their common engineering criteria