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I don's thinks so but that is what Eclipse Executive Director Mike Milinkovich hopes for.

In an interview last week with eWEEK, Eclipse Executive Director Mike Milinkovich said an invitation has been extended to Microsoft to join the open-source initiative and to help evolve development of the platform. In fact, Milinkovich said, an invitation was extended to Microsoft before he took the helm and before Eclipse was made independent. [eweek]

I think apart from Sun, JetBrains and Microsoft almost all major developer tools vendors have shown interest in Eclipse. Anyway I think Microsoft will be the last one to join if at all they join. Microsoft makes one of the best developer tools in the market. They have a huge investment in Visual Studio.Net and the newly announced Visual Studio Team System. Seeing the demos of Visual Studio 2005 Team System only confirms that Microsoft is the best integrator of tools out there. And there is no way they will be leaving all that and joining Eclipse.