Looks to me like a battlefield is bing drawn between Microsoft and Infineon and the OEMs over Key Management, Attestation and single sign-on. We should all give this some attention as it would be important for us to see (through good DD) what's happening as far in advance as we can.
I believe the OEMs (and Wave) see this as an opportunity to creep into the software / utility management business, gaining important add-on seat license revenues, while Microsoft appears to want no part of them in their territory. I believe Infineon is using their only means possible to gain back some lost ground and credibility by teaming with Microsoft. As the elite marketing engine, Microsoft can make Infineon's shortcomings look minor, by releasing only specific parts of Vista that Infineon can service, while they work together to catch up.
If I'm way off, then I'm way off. But, If I'm not, this is serious stuff. Wave and its partners (Dell) need to strongly point out to their customers and prospects that interoperable security has never, and can never be assured by a company like Microsoft. My slogan in closed meetings would be:
IT'S A MATTER OF TRUST!