In this document we present a survey of the state of the art of Modeling and Simulation (M&S) Systems, and the anticipation of future technologies in this domain. We provide classifications of currently available M&S technologies and projects from various perspectives using illustrations with the hope that this work will provide as many pointers for developers as possible and serve as a source of reference to future articles on this topic. We will also provide an assessment of Open Source Software (OSS) and its current and possible future effects and uses in the M&S market. Our discussions will slightly emphasize large-scale military M&S projects as these are usually very long-term and the most serious M&S applications that have enormous influence in shaping up both military and commercial M&S markets. Such large projects are also prone to get out of hand quickly; therefore an analysis of potential risks that should be managed as an umbrella activity when undertaking such projects will also be presented.