My belief is that MS will not bite off the server side for themselves...the basic client-based user features like file/folder encrytion etc., eventually yes, but not server-based life cycle management. If you were an enterprise would you want to pay MS for those services?
In any case Vista will not roll out for another 18 months, so that will gave Wave time to establish a customer base for server-based life cycle management and time to evolve and grow their offerings.
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