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IEEE P1451.4 is an emerging standard for plug and play analog transducers. The draft standard, scheduled to be balloted next year, defines a mechanism for adding self-identification and self-description to traditional transducers for plug and play operation. Central to this mechanism is the concept of a standardized transducer electronic data sheet (TEDS) that is stored within the transducer. This paper provides a detailed overview of the IEEE P1451.4 Smart Transducer Interface for Mixed-Mode Transducers, explaining the main components technologies, as well as an update of the progress of the development of the draft standard. The paper describes the implication of enabling plug and play sensors for a variety of sensor-based measurement and automation systems.