WinFS & SQL Server Katmai
Two interesting perspectives on what's happening with changes to the WinFS release:
http://blogs.msdn.com/winfs/archive/2006/06/23/644706.aspx
(WinFS team blog)
and
http://blogs.conchango.com/davidportas/archive/2006/06/24/4130.aspx
(David Portas' blog)
Looks like SQL Server Katmai will include some new unstructured data & manageability features which were previously being developed for WinFS..