This paper discusses the advances in spin transport electronics (spintronics) research and their prospects both in the long- and short-term. While researchers are getting closer to developing spintronic transistors, other short-term prospects include the discovery of the spin momentum transfer phenomenon and the development of spin oscillator as an alternative to the quartz oscillator for the next generation MRAMs. Researchers are confident of turning up new properties that could contribute to better understanding spin and electronics.