The IEEE is advancing Ethernet technology, with 40/100 gigabit Ethernet expected to be ratified in 2010 and plans for terabit Ethernet by 2015. Key milestones include the development of standards from 3Mbps to gigabit Ethernet, with significant contributions from Bob Metcalfe and the establishment of 3com. Ethernet's growth is attributed to its open standards, making it the dominant LAN technology over alternatives like token ring.