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According to an April 4 post on the Silverlight Team Blog, Microsoft will be making a beta of Silverlight 5 available the week of April 11, concurrent with the Mix11 conference.



From All About Microsoft:
The timing was widely expected, given that Microsoft officials said in December 2010 that the company planned to release a Silverlight 5 beta in the second calendar quarter of 2011. The final version of Silverlight 5 is due before the end of calendar 2011.

In December, Microsoft execs said Silverlight 5 would include 40 new features, the bulk of which are focused around making Silverlight a development platform for rich media and business applications.
  Microsoft confirms Silverlight 5 beta to ship in mid-April