Bill Gates announces Windows Mobile 5.0 (Magneto) at the Microsoft Mobile & Embedded DevCon 2005.

This new version of the Windows Mobile software platform delivers on partner requests, including more platform flexibility to customize devices and solutions; productivity enhancements that include updated Microsoft Office software and persistent memory storage for more efficient data management; and a powerful multimedia experience with Windows Media Player 10 Mobile and support for hard drives.

The Windows Media Player 10 Mobile is possibly the most interesting piece for consumers as it competes directly with Apple's iTunes for Mobile Phone.
More details in Microsoft press-release and on the Windows Mobile 5.0 site.