I was pointed to this article, which was a good read. A link to the article in PDF is also provided here (author's home page).

Carl Herakovich, the secretary of the US National Committee on Theoretical and Applied Mechanics (USNC/TAM), has posted the following entry in the Applied Mechanics Google Group today:

The USNC/TAM has just released a report by a Subcommittee on Research Directions in Mechanics, entitled Research in Fluid Dynamics: Meeting National Needs