Glasses are generally produced from the highly undercooled liquid state by rapid quenching methods or quasi-statically at slow cooling by the effective control of potent heterogeneous nucleation sites. For metallic systems the latter method recently has led to the development of bulk metallic glass with a complex multicomponent chemistry and advanced engineering properties. With these alloys crystallization can be avoided over a broad temperature / time window. As such, the relevant thermodynamic properties of the metastable glassy and undercooled liquid states can be directly measured below and above the glass transition temperature, respectively. The obtained data give new insight into the nature of the glass transition suggesting that it is not a phase transition in the classical sense but kinetic freezing triggered by an underlying entropie instability to avoid crystallization. Further measurements of the mechanical and wear properties point to the unique engineering properties of these highly disordered materials for technological applications.