The Register brings up the rumor mill on this one (though Neowin had posted some reference to the same subject before), apparently Microsoft has abandoned the megaproject of bringing an overhauled Windows version by 2005, but instead might be releasing some sort of XP update that will be client only (that is, no server version)...

The Grand Old Duke of York is clearly in charge of Microsoft's operating systems roadmaps for, having marched Longhorn up to the top of a distant (2005, said his Billness) hill earlier this year, he has now marched it straight back down again. Longhorn, the next version of Windows XP, will not after all be a 2005 product, but will quite possibly be a next year product after all.