Microsoft Updates Windows Server Roadmap: No WinFS for You: "At the earliest, WinFS will ship as part of Longhorn Release 2 (R2), the client-side follow-up to Longhorn that Microsoft plans to release in 2008. WinFS is arguably more important to the server than the client, however, and Longhorn Server R2 isn't due until 2009. The next major Windows Server release after that, code-named Blackcomb, is scheduled for a 2011 release.
Bristling at criticism that Longhorn can now more accurately be called Shorthorn because of the many features that Microsoft has culled from the release or has made available to the Windows Server 2003 and Windows XP products, Microsoft executives note that they haven't yet discussed many of Longhorn's features. Longhorn, they say, will still be a revolutionary release, with features such as a fresh UI, great roaming support, Microsoft .NET Framework 2.0, new browsing capabilities, improved migration and deployment functionality, integrated antimalware technology, and a new digital photo experience."
I'm still waiting for that WinFS "clarification..."