From what I remember it went like this:

  Microsoft: we're giving everyone the NT Kernel

  Geeks: No, we want 9x Kernel

  Microsoft: Fine, here's Windows ME

  Geeks: Noooooo!

  Microsoft: Releases Windows 2000

  Geeks: We want Windows 2000

It was so much more solid than Windows ME and they had 99% of the NT compatibility layer figured out by SP1 (if that's what it was called). But the best thing for me was that I had 2 processor motherboard with 2x 1Ghz P3s and the 9x Kernel couldn't handle that.