There were several large announcements made at PDC that are very relevant to SharePoint and CMS customers. I'm personally super excited about this and to be part of this. Microsoft revealed Office "12" - client and servers and talked about our investment in ECM. This is great news for CMS and SharePoint customers that there is one integrated architecture for end-to-end document and content lifecyle.
Another huge announcement was the introduction of Windows Workflow Foundation - WinFX. http://www.msdn.microsoft.com/windowsvista/building/workflow/ Office "12" servers will build on this technology to provide some great workflow!
A lot of CMS and SharePoint customers and partners are wondering what they can do to better prepare for the next version of the technology. If you are a CMS customer, take a look at the newly published whitepaper at: http://msdn.microsoft.com/library/en-us/dnmscms02/html/CMSDesigningCMS2002Sol.asp.
If you are a SharePoint customer, make sure you follow guidelines published at: http://msdn.microsoft.com/library/en-us/odc_SP2003_ta/html/WSSSharePointCodeReuse.asp