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F. B. Paerels (Columbia University)
Early results from Chandra and XMM indicate that high resolution X-ray spectroscopy may revolutionize the study of X-ray binaries. The first observations already allow us to quantitatively study properties of X-ray binaries that have never been accessible before. Among these novelties are the first detections of velocity fields in the X-ray emission region, direct evidence for X-ray photoionization, and direct estimates for the density and temperature in the X-ray emission regions. I will discuss some of the early results, with emphasis on the rich spectrum of Cyg X-3 obtained with the HETGS on Chandra.