The goal of this paper is to explore the design and implementation of early years educational policy in England in the period 1997-2004. First to be described are the innovations in policy (i.e. the promise), followed by the 'evidence base' for new policy (i.e. the research), the delivery of new services (i.e. the achievement), and finally the tensions and gaps which remain (i.e. the shortfall). The paper will focus on evidence concerning expansion of services and on the benefit of early years education on children's development. It is argued that early years education in England has been transformed through the following: integration of education and care at local and national level, the introduction of the Foundation Stage Curriculum 3-6 years and its birth-3 years supplement, and the firm focus on families as well as children in the delivery of services. There are, however, gaps and tensions to be resolved before the overall vision can be achieved.