Microsoft and other IT companies hope fervently that Windows XP - launched yesterday - will kick-start sluggish hardware and software markets into a new phase of much-needed growth.
That may be asking a lot in today's nervous business climate, but the new operating system has plenty to offer. It is far more reliable, secure, easy to use and graphically attractive than earlier versions of Windows.
"It brings a whole new experience to the consumer market and a lot of people will be willing to pay for that," says David Smith, an analyst at researcher Gartner.
But while home users may delight in the attractions of Windows XP - though it remains to be seen how many will upgrade their equipment or buy new PCs - the advantages for corporate users are less clear.
"There is little in XP that justifies an upgrade from Windows 2000 for business users," adds Mr Smith. Gartner recommends that companies that already deploy Windows 2000, or are about to do so, should continue.
"Enterprises that have not begun testing and planning should consider skipping Windows 2000 and deploying Windows XP," Gartner says in a recent note. It regards XP as "a minor upgrade to Windows 2000."
But while companies need feel under no immediate pressure to upgrade to the new operating system, especially with budgets under scrutiny and the business outlook so gloomy, they should build it into their planning considerations, says David Wright, a consultant at PA Consulting.
"Don't upgrade unless you have to" is his advice to businesses. But if companies have an upgrade planned for next year, they should upgrade to XP. Those doing so this year will probably have embarked already on a switch to Windows 2000.
Mr Wright believes that companies should understand the business rationale for upgrading. They may need new infrastructure because of past under-investment or huge business growth. They may also want to use the extensive collaboration features of Windows XP. "These features are quite neat, but companies have got to decide if they want to use them."
In Microsoft's view, Windows XP has much to offer business. But the initial thrust is very much at the consumer and home office end of the market.
"XP is aimed at broadening the robustness of what has previously been limited to business," says Simon Witts, the company's vice-president for Europe. "The biggest advance in customer experience will be home and home business users."
Since it is based on Windows NT, as is Windows 2000, the new XP version of Microsoft's operating system is designed to be more resilient and secure than previous generations based on MS-DOS.
Eventually, Windows XP will become the norm for home and business users. But with companies focusing harder on costs and value-for-money - something many feel they have not achieved with their expensive IT investments - the environment is tough.
"Every penny of IT investment is being scrutinised for true value and true cost of ownership," says Mr Witts. "We had the Y2K thrust and the internet thrust - IT could almost write its own cheques in the boardroom." Those days are now over.
Some analysts expect the usual three-year replacement cycle for PCs and other equipment to be lengthened as business looks to its bottom line. But hard-pressed PC makers such as Dell and Compaq are keen that Windows XP, along with Intel's new Pentium 4 microprocessor, will initiate a new buying wave.
Microsoft and its partners have put huge resources behind the launch of Windows XP, spending around Dollars 1bn. They have stressed its scope for collaboration across networks, mobile computing, integrated multi-media applications and remote access to PCs. It also makes troubleshooting simple and is more secure than earlier Windows versions.
Some companies have already identified Windows XP as a potential cost-saver and productivity enhancer. Among them are Wells Fargo, the US financial services company, and Siemens, the German electronics group. Both have been quoted by Microsoft as enthusiastic supporters of Windows XP after previewing the software.
Yet the arguments in favour of Windows XP could take time to show through. The terrorist attacks in New York have worsened an already gloomy business outlook.
"Windows XP may be the best product Microsoft has ever built, but it is being launched into the worst set of conditions in Microsoft's history," said Rob Enderle, an analyst with Giga Information Group, in a note in July.
A lot has happened since then.
