Found it - TS Remote Apps - included with Windows 2008 Std Server - http://technet.microsoft.com/en-us/library/cc753844(WS.10).aspx
I'll try it out and let everyone know if there is a performance improvement.
I just tried it out in VM. I have to admit, it's quite cool. On Server 2008 R2, they changed Terminal Services to "Remote Desktop Services" btw.