For those of you who already have grand plans that require the very cool functionality that will be offered by WinFS, you might want to think about some redesign. Finding out that it wouldn't make it into Longhorn was the first blow. Now, according to this news.com article (found thanks to Rocky Lhotka), the wait for WinFS might last until the next decade.
The article confirms that not only will WinFS miss Longhorn client, but also the (scheduled) release in 2007 of Longhorn server. So now WinFS won't likely be included until Blackcomb, which is the next Windows version after Longhorn. Realistically, this means 2010 at a minimum. And that assumes a minimal slippage of schedule, an outcome that is probably one of the few that can be counted on.
One of the downsides of being involved with the leading edge of technology is the teasing that goes on. The promise of ObjectSpaces is certainly enticing. But I spend most of my life coding in the here and now, a place that ObjectSpaces won't be invading for quite some time. Too bad, but I'm pretty certain I can make the adjustment. ;)