Warning. This is going to be the future guys!
News.com: U.K. bank sees browserless future.
The smart client--in this case, an operating system that incorporates browser functions--is likely to involve Longhorn, Microsoft's next version of the Windows operating system, said Llube, who provided a demonstration for the audience at the conference.
Update: Ken Brubaker writes a blog post titled "Slippery Smart Client Slope" where he points to the PowerPoint from the session, among other things.