Yet Another Way To Connect Your PC and Your Screen

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First it was VGA, then DVI, then HDMI, now we add DisplayPort.  Engadget is reporting that DisplayPort was just ratified by VESA.  DisplayPort is apparently compatible with DVI which is also compatible with HDMI.  Why do we need yet another connector?  I'm not really clear on that.  It is apparently not encumbered by IP like HDMI is.  It may be very good technology but I'm not sure that justifies the confusion this is sure to cause in the market if it takes off.