One of the most significant of global security reassessments is currently underway, driven by Operations IRAQI FREEDOM and Operation ENDURING FREEDOM, continuing technological developments, budget constraints, and the debate associated with the 2005 Quadrennial Defense Review. To provide senior defense leaders with ideas on security transformation, the Strategic Studies Institute has joined with the Belfer Center for Science and International Affairs at Harvard University's John F. Kennedy School of Government to bring together top experts on an annual basis. For the third meeting in this series—held in November 2004—the National Defense University joined as a partner. The informed and free flowing debate at this conference generated a range of frank assessments and creative ideas about the status of security transformation. This report summarizes the debates and findings of the November session.