Speculation is that it will be released before February 2006. To be quite honest, I am on Domino so much that I don't keep up as much with the OS releases. But, from some further research, it will "include user interface, clustering, and database enhancements." It also appears to be a huge release - it's compared to the V4R5 to V5R1 conversion!!
Also, this is pretty interesting:
Herring said OS/400 admins have to wrestle with five different interfaces--including several green-screen interfaces, iSeries Navigator and OpsNav, and now the Hardware Management Console--to manage an iSeries box. "This seems a bit much for your average SMB customer." To that end, IBM will be redesigning the task-oriented OS/400 screens using AUIML and give it all a consistent look and feel. He also hinted that the Rochester team liked WebSphere Portal Express and that OS/400 functions would also start exploiting this technology to make OS/400 a little more user friendly.
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