In the Late 1980's, pen-based computing promised to be the "next wave" in user interface design. Many companies were launched to catch this wave, but none have been successful to date. What advantages and disadvantages does the pen *really* bring to computing? What is important in the hardware interface? Which considerations are "red-herrings?" Are symbol gestures the best way to control pen machines? Is the "Pen really the Point?" Steve will chronicle the process of UI design at Momenta Corporation and discuss some of the lessons learned about pen-on-display computing.