Despite there is no official announcement yet, it all seems that in 2009 we are going to have a new version of Silverlight. More details are going to be revealed in Mix 09 event this year.

According to the news, Silverlight 3 will see a number of features designed to improve graphics. These include H.264 - a video-compression codec built for most applications and different bitrates - 3D graphics, acceleration of the underlying hardware, and rich-data binding in Visual Studio and Visual Web Developer Express.

Guthrie said you'll be able to: "Do things you can't do with AJAX and Flash in the browser."

Here, the news: http://www.theregister.co.uk/2009/01/30/guthrie_silverlight_3_and_4/print.html