Here are a couple pointers to the latest info we've made public on some ongoing development projects.  I don't have any more insight to add, just wanted to make sure the links were out there in the world.

WinFS:

Comments from Product Manager Tom Rizzo in Microsoft Watch (and the requisite rampant speculation on Slashdot)

 

"Project Green" update from Convergence:

"Project Green," the code name for next-generation Microsoft Business Solutions' development efforts, will be delivered over the course of two waves. The first wave will occur between 2005 and 2007, and will include the release of a shared user interface based around 50 common configurable roles that people have within a company, all seamlessly integrated with Microsoft Office. Microsoft's business applications also will interoperate with service-oriented applications and include a common configurable reporting environment based on SQL Server (TM) Reporting Services and a common security-enhanced intranet and extranet environment based on Microsoft Office SharePoint® Portal Server to enable new levels of collaboration within and across companies.

The second release wave, which will begin shipping in 2008, will build on the first wave's innovation and apply a model-driven approach to business processes. Innovations released during the second wave will draw on the power of WinFX (TM) and Visual Studio® .NET.