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The study of spin waves is a powerful method for probing the dynamic properties of magnetic media in general and those of laterally patterned magnetic structures in particular. From spin wave measurements basic information on the magnetic properties, such as magnetic anisotropy contributions, the homogeneity of the internal field, as well as coupling between magnetic elements can be extracted. This information is often hard to obtain by other methods. If the size of an element becomes comparable to the wavelength of a spin wave under investigation, lateral quantization e!ects appear, which lead to dramatic changes in the spin wave spectrum and the spin wave density of states.