Paul Thurrott's SuperSite for Windows has posted a status update on Windows Longhorn as well the new release schedule

For three years now, I've been charting the progress (or lack of progress) Microsoft has made with its next generation Windows operating system, code-named Longhorn. It all started back in January 2002, when I released my first iteration of The Road to Windows "Longhorn": What we know about the next version of Windows. The goal was to separate fact from myth. In that article, I exposed numerous Longhorn frauds and discussed some of the features Microsoft was then known to be including in Longhorn. Some of these, like WinFS (then identified only as a "SQL Server .NET-based file system) have since been canceled and will appear in a future Windows version. Others, like Windows Movie Maker 2 and a Windows Media Player refresh, have since shipped independently of Windows because of Longhorn's ever-increasing delays.