Heh, it's not like that really. Microsoft's plan with .NET seems to be the way the Internet and enterprise is going in general. Rather than having COM/DCOM, Java, CORBA, and all these other competing technologies, none of which interoperate, why don't we have a single unified means of calling services (objects and such) on disperate platforms?
Enter SOAP, an open standard (currently in draft, but close to being finalized). Add to that WSDL, another open standard.
Everything works together. .NET is just Microsoft's side of that. There will be an implementation from IBM, and Sun as well, and all will be able to partake in each other's services.
Of course, .NET will also be cross-platform, so you can use it on FreeBSD, and probably Linux after not-too-long. Many languages are available in .NET fashion, including Perl, Python, SmallTalk, and yes, even COBOL!
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