Server 2005 permissions question

[jsteph]

Hi all,
I'm trying to get my head around the differences in the security model in 2005 as compared to sql-2000. I have server 2005 64 bit version 9.00.5000.00.

Do stored procedures (and functions, for that matter) execute under the module owner's permission (by default) in sql-2005, and in sql-2000 they execute under the caller's permissions by default?

Thanks,
--Jim