Microsoft called a press conference for 1:30 p.m. today, promising big news -- with a capital "N". CEO Steve Ballmer and Chairman Bill Gates will go before the cameras at Microsoft Studios in Redmond.

I have an interview at 5:45 p.m. with someone -- they won't tell me who until after the press conference.

Update: Bill Gates is moving out of his day-to-day role at the company, as the company kicks off a two-year transition plan up to July 2008. He'll continue as the company's chairman. Ray Ozzie will move in as chief software architect immediately. Craig Mundie becomes chief research and strategy officer. Both will report to Gates until the transition is complete, at which point they'll then report to CEO Steve Ballmer.