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Ah, memories. It's the 90th anniversary of the Michaelis-Menton equation (pdf, from The Biochemist):
The equation v=(Vmax x [S])/(Km + [S]) may be less of an icon of the 20th century than the double helix, at least to the general public, but every student of Biochemistry ought to be as familiar with this equation as with the double-helical structure of DNA.

This is the most important equation in enzyme kinetics; it allows you to work out all sorts of things about how a given enzyme works so, yes, I'd have to agree that it's pretty important. It is also imprinted on my brain in letters of PAIN. I hated enzyme kinetics.
Ooh, I remember Michaelis-Menton kinetics. I liked kinetics when it meant easy marks for doing basic plug in the numbers algebra, but I liked it less when I actually had to understand things. And when it meant tutorials with 'Wanker' Harris, I seriously disliked kinetics.

It's kind of cute an equation having an anniversary, though.
I'm glad you qualified that with "every student of Biochemistry"; because despite Chemistry & Physics "A-Levels", a CS degree, and most of the way into an applied Math/engineering MSc - I've never heard of the "Michaelis-Menton equation".

None-the-less, I will drink to it's health; and wish it many-happy-returns. :-)
I hate, hate, hate the Michaelis Menten equation with a deep and fiery passion. Enzyme kinetics and their associated evilness (mechanisms, seventeen thousands stupid linearisations I can't do the maths for, much tedious rearranging of equations) are a very large reason why I'm turning to genetics instead of biochemistry.
Ah, you made me smile at that! Busy trawling sequence databases (or not) and generally doing my head in trying to get a paper submitted - oh for the easy days of MM..

Do you remember when one of the lecturers played a song of its derivation - that woke me up!

Ah, those were the days - thank goodness they're over. Bloody kinetics.