The IE team has finally decided to let out some more details on their standards plans.

Among the list of issues already dealt with on internal builds:

Peekaboo bug
Guillotine bug
Duplicate Character bug
Border Chaos
No Scroll bug
3 Pixel Text Jog
Magic Creeping Text bug
Bottom Margin bug on Hover
Losing the ability to highlight text under the top border
IE/Win Line-height bug
Double Float Margin Bug
Quirky Percentages in IE
Duplicate indent
Moving viewport scrollbar outside HTML borders
1 px border style
Disappearing List-background
Fix width:auto

Other items they’re supporting:

HTML 4.01 ABBR tag
Improved (though not yet perfect) fallback
CSS 2.1 Selector support (child, adjacent, attribute, first-child etc.)
CSS 2.1 Fixed positioning
Alpha channel in PNG images
Fix :hover on all elements
Background-attachment: fixed on all elements not just body

They now have complete CSS1 support, and are working their way towards support that’s “just as good as FireFox”.

Catching up? You betcha. But, these are moves in the right direction, and the team doesn’t plan to rest on it’s laurels following the release of IE7. Expect an update to the rendering engine in the 6 months following which will likely push other browsers to catch up.