This is correct about no wifi...the reason given, I believe, had to do with corporate security issues (which is fast becoming MS's bread and butter with WM5).
There was talk that it might come back in a later version. Considering technically AS is "dead" and being replaced in Vista with
Windows Mobile Device Center* (more of a cosmetic facelift than an overhaul at this point), it'll be interesting to see what happens.
*This update is already availabe to Vista beta 2 users via Win Update