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NASA s planned Ares V cargo vehicle with its 10 meter diameter fairing and ~60,000 kg payload mass to L2 offers the potential to launch entirely new classes of space science missions such as 8-meter monolithic aperture telescopes, 12- meter aperture x-ray telescopes, 16 to 24 meter segmented telescopes and highly capable outer planet missions. The paper will summarize the current Ares V baseline performance capabilities and review potential mission concepts enabled by these capabilities.