Coverage from Microsoft's briefings this week on Exchange "12".  Kind of a yawner...good stuff in all articles.  The best quote comes from Microsoft Watch, Microsoft Preps for 'E12':

Exchange Server customers tend to be a bit slower in their upgrade habits, according to Dave Thompson, the corporate vice president heading Microsoft's Exchange Server product group. Microsoft has listened to these customers, and is focused more on making their Exchange implementations smoother, rather than rushing out more new features, Thompson said.
Slower in their upgrade habits?  Oh please.  The product has just been too hard to upgrade or not worth upgrading.

And how excited should MS customers (or me as their competition) get over all of this, when it's a nebulous announcement?  No press release, just some background briefings.
Microsoft representatives declined to provide any firm dates for E12. Officials would not talk about their Beta 1 targets. But the final version of E12 could hit any time between 2006 and 2007, based on Microsoft's plan to release a new version of Exchange every three to four years.
So let's call this news what it is -- a desperate attempt by Microsoft to grab attention the week before their strategy is completely eclipsed.

Other links:

CRN, Exchange 12 due 2005 or 2006 (the actual article text says 2006 or 2007) >
Network World, Microsoft revives Exchange roadmap, gives peek at next version >

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