what Windows 7 is:
Windows 7 (formerly known as Blackcomb and Vienna) is the working name for the next major version of Microsoft Windows as the successor of Windows Vista.

Microsoft has announced that it is “scoping Windows 7 development to a three-year timeframe”, and that “the specific release date will ultimately be determined by meeting the quality bar.”

Windows 7 is expected to be released sometime in 2010.
The client versions of Windows 7 will ship in both 32-bit and 64-bit versions.
A server variant, codenamed Windows Server 7, is also under development. [Wikipedia]

official photos:

Thanks to Gizmodo for the pics

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