Breaking news from the keynote at Mix07.  Silverlight is a new cross-browser/cross-platform development environment.

• Silverlight will include a micro-version of the .NET runtime.
• New Silverlight Streaming service (competitor of Amazon's S3 storage service).  Storage of SilverLight apps, conent, images, and videos.  And from Ray Ozzies indication, it will be free!
• Rich media experiences with 720p over very low bandwidth connections.

The big news that has been rumored is the S3 competitor.  It should be interesting how this thing plays out...

-Joe