This first edition of the New Media Consortium's (NMC) annual "Horizon Report" details findings of the Horizon Project, a research-oriented effort that seeks to identify and describe emerging technologies likely to have a large impact on teaching, learning, or creative expression within higher education. Drawing on an ongoing series of interviews with scientists, engineers, technologists, and other knowledgeable individuals in business, industry, and education to identify potentially promising technologies, the report highlights six technologies that research suggests will become important to higher education within three adoption horizons over the next one to five years: (1) Learning Objects; (2) Scalable Vector Graphics (SVG); (3) Rapid Prototyping; (4) Multimodal Interfaces; (5) Context-Aware Computing; and (6) Knowledge Webs. Embedded in the description of each technology is a discussion of its relevance for teaching, learning, and creative expression. Links to example applications are provided in each section, as well as an annotated list of additional readings. [This publication was made possible through a grant from the Corel Corporation.]