arcgis desktop - For every point, distance to nearest polygon of type X?

In ArcGIS Desktop, can you calculate as an attribute value the distance to the nearest polygon of type X?

Assume we have a point layer of wildlife observations and we want to know how far each of them is from the nearest wetland.

Your answer should mention whether it is specific to ArcGIS Desktop v9 or 10, and the necessary license level.

Answer

Performing a Spatial Join will do this. Right click on the point layer and choose "Joins and Relates > "Join". In the Join Data dialog box, choose "Join data from another layer based on spatial location" in the drop down. Then choose the polygon layer you want joined. Then choose the radio button that says "is closest to it". (The selections are a little different if you're joining points to lines)

This function is also available in ArcToolbox, which is supposed to give better performance with large datasets, and provides some extra functionality.

This method is available in all versions of ArcGIS, and at all license levels.