The Moon is a Not-So-Harsh Mistress : Built on Facts: Astronomers and space exploration enthusiasts around the web are expressing lots of enthusiasm for the discovery of water on the moon by the Indian Chandrayaan-1 orbiter. Long story short (Ethan has a good version of the long story), the probe discovered relatively large quantities of water frozen throughout the lunar soil just below the surface. It's not just at the bottom of craters in the polar regions, but instead seems to be quite widespread.
So is the beyond-the-Van-Allen Belt problem solved yet? Can we start our lunar colonies now?