  Based on a nonabelian generalization of electric-magnetic duality, the Dualized Standard Model (DSM) suggests a natural explanation for exactly 3 generations of fermions as the `dual colour' $\widetilde{SU}(3)$ symmetry broken in a particular manner. The resulting scheme then offers on the one hand a fermion mass hierarchy and a perturbative method for calculating the mass and mixing parameters of the Standard Model fermions, and on the other testable predictions for new phenomena ranging from rare meson decays to ultra-high energy cosmic rays. Calculations to 1-loop order gives, at the cost of adjusting only 3 real parameters, values for the following quantities all (except one) in very good agreement with experiment: the quark CKM matrix elements $|V_{rs}|$, the lepton CKM matrix elements $|U_{rs}|$, and the second generation masses $m_c, m_s, m_\mu$. This means, in particular, that it gives near maximal mixing $U_{\mu3}$ between $\nu_\mu$ and $\nu_\tau$ as observed by SuperKamiokande, Kamiokande and Soudan, while keeping small the corresponding quark angles $V_{cb}, V_{ts}$. In addition, the scheme gives (i) rough order-of-magnitude estimates for the masses of the lowest generation, (ii) predictions for low energy FCNC effects such as $K_L \to e \mu$, (iii) a possible explanation for the long-standing puzzle of air showers beyond the GZK cut-off. All these together, however, still represent but a portion of the possible physical consequences derivable from the DSM scheme the majority of which are yet to be explored. 
The Dualized Standard Model and its Applications---an Interim Report