Every day, the Fortune staff spends hours poring over tech stories, posts, and reviews from all over the Web to keep tabs on the companies that matter. We've assembled the day's most newsworthy bits below.

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  Photo: Aol

• Playing catch up with Google, Yahoo, and Microsoft's leading web-based email clients, Aol unveiled Project Phoenix yesterday. Features include email account aggregation, a "Quick Bar" (read: shortcut bar) up top, three kinds of inbox views (compact, expanded, and reading pane), web browser-like tabs and (awful) new domain names like @wow and @love.com. (Fortune)
• The European Union is ponying up roughly $21.4 million for the "Vision Cloud" research project, aimed at tackling current cloud storage issues including the ability to run apps via cloud and data mobility. IBM, Siemens and SAP will be involved. (PC World)
• Facebook will likely unveil a full-fledged web client today that will rival Gmail, Yahoo Mail, and Windows Live Hotmail. More