This paper describes the Stanford Digital Repository (SDR), a large scale, digital preservation system for scholarly materials. It examines the lessons-learned through over five years of development and operational experience. Building on the knowledge gained, the paper goes on to outline a new repository design and service framework, SDR 2.0, that will address some of the challenges that have emerged. Changes in the environment such as staffing levels and collaborative opportunities are also described. Finally, the paper includes observations on the general state of the preservation and repository communities, and the emergence of a new generation of systems and strategies in this space.