Keith Elder nicely compares ASMX to WCF here. Check it out.
Another comparison of ASMX and WCF can be found here - I don't 100% agree with all the points there, but it might give you an idea.
WCF is basically "ASMX on stereoids" - it can be all that ASMX could - plus a lot more!.
ASMX is:
WCF can be:
In short: WCF is here to replace ASMX fully.
Check out the WCF Developer Center on MSDN.
Update: link seems to be dead - try this: What Is Windows Communication Foundation?