The latest word is that Longhorn will finally ship in time for the holiday season 2006, a full five years after XP was released. It will be the longest time between operating system revisions in Microsoft history.

We’ve been promised time and time again that it will be worth the wait because Longhorn will include all kinds of advanced technologies not currently available.

It’s now looking like that’s not the case. Microsoft is already publicly backing off about just how advanced Longhorn really will be.

“Maybe we hyped it up a little bit too much,” Microsoft group product manager Greg Sullivan told Information Week in an interview before the WinHEC conference being held this week. He added, “We’re set up to pleasantly surprise people who don’t have super-high expectations for Longhorn.”

Longhorn won’t include WinFS, Microsoft’s much-hyped new file system that was supposed to make it easier to organize and search for documents. Indigo and Avalon, two other much-hyped technologies, will be available for other versions of Windows, not just Longhorn. And you can be sure between now and shipping time, other features will be dropped as well.

So what’s been taking Microsoft five years? It’s tough to know. But it’s a year and a half (or more) until Longhorn ships, and at the moment, the new operating system doesn’t necessarily sound as if it’ll be worth the wait.

Do you think Longhorn will be worth the wait?