The D&D boardgame was released about two years ago, and actually has two expansion sets available. It was released in Europe pretty much exclusively. I love all things board gamish and D&Dish, so I picked it up when I was in London. I spoke with the manager of the store about it, and he said that Hasbro was releasing it this way so as not to compete with Heroscape.
Now is it any good? Well, it has the iconic characters (Jozan, Mialee, Lidda and Redgar) and one person plays the GM. There are set scenarios that are included with the game that make up a plot, but it also includes the sheets to make up your own as well. The miniatures it comes with a bigger than what you typically see, so it would be difficult to use them for traditional D&D, but not impossible. They are not nearly as well sculpted as the D&D minis and aren't painted.
Combat, spells and equipment are simple and work pretty well. The thing is, it's not D&D. It doesn't use the mechanics, but it also doesn't use many common spells, items and so forth.
It is clearly a game designed for kids, too.
With all of that said, I've played it and had a good time. If you have kids who are talking about starting D&D, I think it would be fun for them. We had a good time with it, but didn't play through the expansions I purchased for what that is worth.
My recommendation: find a copy of Warhammer Quest on EBay instead and you'll be happier, but it's not a bad game.
--Steve