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WM5 on it's own is not THE blackberry killer, you must understand that the device is merely the presentation. Behind your nifty device there is a server that pushes your e-mail and/or appointments to your device (using any IP connection). RIM at this time is probable the biggest player using push technology, the systems we are used to are pull mechanisms, essentially you tell your device "contact the server and wait to see if there are any changes". This requires regular checking often through cradles in the office.
What Microsoft is picturing is that they offer a plugin for Exchange to create the same functionality, in combination with their own PPC PDA/Smartphone's. In an attempt to recapture some of it's lost market share in the corporate enterprise market.
Oh, and about WM5, I think the most notable difference is the addition of an Powerpoint viewer and enhanced versions of Word and Excel. I expect the new memory system to be more effective than the way it is currently being used, but time will tell.....
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