Well, there's a lot to say about the new XML support in Office 11 (now an early beta) and the implications for CMS. With the exception of the nifty (and badly needed!) XSLT generator in Front Page, much of Office's XML conversion technology appears to mimic toolsets already available from 3rd-parties. The key here, though, is that this is Microsoft giving up the binary ghost. And with XML facilities broadly available at the desktop, no need anymore for unsightly XML editors or supporting separate plug-ins. This could be huge...
Go to Microsoft's XML-and-Office 11 page