"...we're calling it NGSCB -- Next Generation Secure Computing Base..."

Now say it three times fast...
Supposedly Microsoft can't use "Palladium" becuase the name is trademarked; it's not hard to believe that it's really due to the marketting/PR people cringing over the backlash when it was called Palladium...

"NGSCB is an operating system kernel within an operating system kernel -- the larger of which will resemble the conventional Windows system. But the other part, which Manferdelli called the "Nexus mode" and said is entirely optional for the user, is the "trusted computing" model that Microsoft, Intel, and organizations such as the Record Industry Association of America are so hot to get the general public to use. Why? Because it will allow only one user per system and per application, and it will be much easier to track music, video, and other entertainment files as they move from retailer to listener.

Files within the NGSCB architecture will be encrypted with secret coding specific to each PC, making them useless if stolen or surreptitiously copied."

Decent read, though I'm skeptical at what is stated is really what is being implemented.  I've seen entirely too many times of Microsoft doing highly questionable things - the TCP/IP stack barely to standard in an attempt to force us to use a Microsoft proprietary protocol for Internet - to believe that all is rosy and wonderful.  Time will only tell seeing as we have to wait for Longhorn (due 2006 now)...