PCIe (PCI-Express) is serial PCI. Many new boards use it. It can come in several widths (x1, x4, x8, x16), where x1 replaces a standard PCI slot and x16 replaces AGP8x.
x1 has nearly 2x the transfer rate of older PCI slots in one direction, and it's full duplex so you get nearly 4x the transfer rate bi-directionally (important for hard drive and network controllers mainly).
x16 has nearly 2x the transfer rate of AGP8x, but because it's also full-duplex it also has a peak bi-directional transfer rate nearly 4x that of AGP8x.
x4 and x8 speeds will be used mainly for server hardware.
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