"Fabulous 40" is a subtle reference to the "nifty fifty" templates that Lotus made available for Notes ~15 years ago. Out-of-the-box utility is key for SharePoint, so this, along with the Office Business Applications, is a smart investment for Microsoft.
The preview page for the new Application Templates for Windows SharePoint Services 3.0 has been launched, and it provides useful information about the types of SharePoint sites that you can effortlessly create with these templates. The forty templates will be released to the Web as free downloads in early 2007. All of these templates will have been developed with Office SharePoint Designer 2007 and incorporate many of the new features in WSS 3.0, including wikis, enhanced document management, and improved synchronization of calendars and tasks with Outlook 2007. Yes, they will indeed be fabulous!