Bill Gates is going to transition out of Microsoft over a 2 year period so that he can work at his foundation full time.
IMHO, the wrong guy is leaving. It should be Ballmer leaving instead of Gates. I doubt Ozzie and Mundie will be able to get anything accomplished under Ballmer, he lacks the vision of a great leader.
Update: Ehh, not 2 seconds after I posted this article. I found this article on CNN that says the same thing. – Via Slashdot