He will become a Knight Commander of the Most Excellent Order of the British Empire, an honor that dates back to 1917, although monarchs have been creating knights for hundreds of years.
Among the pomp and grandeur of the formal state rooms at the palace, Gates will kneel in front of the sovereign, who will gently tap him on the shoulder with a sword.
Citizens of the UK will be obliged to call him "Sir" from now on; however you Americans, Indians, Chinese, Africans and all the rest will not have to do that. Lucky you.
"(Gates) is one of the most important business leaders of his age. Microsoft technology has transformed business practices and his company has had a profound impact on the British economy." - UK Foreign Secretary Jack Straw.