Firewire is an interface standard, which allows for the exchange of information or data, between two or more devices. This serial bus standard is sometimes referred to as IEEE 1394, IEEE 1394a or IEEE 1394b.

Firewire connections are found in many consumer electronics such as computers and camcorders. Firewire is also used in industrial devices and professional audio/video equipment.
Firewire is high speed - it provides very fast data transfer speeds.
FireWire is energy efficient - it uses peer to peer communication which means no system memory or CPU usage.
FireWire is hot swappable - you can connect or disconnect the cable at any time, even with the power on.
Firewire is plug and play - you may easily connect cables, without manual configuration of the device.
Firewire is connectivity - connect up to 63 peripherals or devices. These devices can be powered from their connection.

FireWire 400 - the original FireWire specification, was replaced by firewire 800. Recently, the 1394 Trade Association announced the release of an even faster FireWire specification, called firewire 3200. The ratification process is scheduled to start in January 2008 and should be completed sometime in February 2008. Firewire 3200 will use the same connectors as its predecessor FireWire 800 but it should deliver at least 4 times the performance. It will increase FireWire speed from 800 Mbps to 3.2 Gbps.

If this technological upgrade appeals to you, then get ready for the release of FireWire 3200 (s3200) in 2008.