Future inter- and intra-ULSI interconnect systems demand extremely high data rates as well as bi-directional multi-I/O concurrent service, re-configurable computing/processing architecture, and total compatibility with mainstream silicon SOC (system-on-chip) and SIP (system-in-package) technologies. In this talk, we review recent advances in CDMA and FDMA interconnect schemes that promise to meet all of the above system requirements. The physical transmission line is no longer limited to a direct-coupled metal wire. Rather, it can be accomplished via either wired or wireless mediums through capacitor couplers that reduce the baseband noise and DC power consumption. These new advances in interconnect schemes would fundamentally alter the paradigm of ULSI data communications and enable the design of next generation computing/processing systems.