The Wireless Gigabit Alliance, an organization dedicated to creating wireless connectivity standards for consumer electronics using the unlicensed 60GHz spectrum, today announced the publication of its new multi-gigabit wireless standard. The Wireless Gigabit Alliance is working in partnership with the Wi-Fi Alliance, the organization responsible for the development and ratification of Wi-Fi standards used to date, to promote the new Wi-Gig specification.

The new Wi-Gig specification provides data transfer rates up to 7 Gbps, far exceeding the maximum 600 Mbps transfer rate of the current 802.11n standard. Such fast transfer rates could easily manage high-definition video and ultimately eliminate the need for wired connections in media applications.
Device connectivity in the 60 GHz band will complement the current family of Wi-Fi technologies. Targeted primarily for applications that require gigabit speeds, 60 GHz products are expected to be used in a wide range of high-performance devices. A significant portion, if not all, of these devices are expected to also support traditional Wi-Fi networking in the 2.4 and 5 GHz bands.
However, the range of the new WiGig spec is notably smaller and may not be sufficient to "blanket a home" according to the Wi-Fi Alliance's marketing director as stated in a Los Angeles Times article. As a result, the organization sees Wi-Gig complementing Wi-Fi rather than replacing it. For example, Wi-Gig could be used to replace HDMI cables to connect between nearby devices.

In partnership with the Wi-Fi Alliance, the Wireless Gigabit Alliance also opened an Adopter Program today to provide consumer electronics companies with royalty-free licenses to create products using the new standard. Products incorporating WiGig could hit the market in the next two years.
----------------------

From: Macrumors.com