Ray, at some length, rambling about the importance of WinFS.

...we've been teasing ourselves and our users with the power of componentized function, rich object models, schemas and persistent storage in the form of integrated application environments...
In a pre-WinFS world, each application has managed its own "documents" and "records" and "collections" as an island unto itself - each with its own indexing and interaction mechanisms, each with its own solution-building mechanisms. Good 'nuf. But in a WinFS world - just like in a Web Services world - we have the opportunity to explore what would happen if we dared to "deconstruct and refactor" our concepts of traditional client-side applications into a mesh of separately-built application components that "meet" at the level of common persistent objects and relationships.