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We investigate the effects of fading correlations on wireless communication systems employing multiple antennas at both the receiver and the transmitter side of the link, so called multiple-input multiple-output (MIMO) systems. It turns out that the amount of transmitter sided channel knowledge plays an important part when dealing with fading correlations. Furthermore, the possible availability of time diversity in a time-selective channel can have essential influence on performance. To study the influence of time-selectivity, the concept of sample-mean outage is introduced and applied to information theoretic measures, like capacity or cutoff rate. It will be shown, that in some cases correlated fading may offer better performance than uncorrelated fading permits, which is due to exploitable antenna gain, that will also be defined in a general form for MIMO systems.