This is some amazing stuff. MS is finally going to take a huge stab at integrating the entire SDLC workflow/process right into VS.NET 2005 and it will be fully customizable and extensible. This is both very exciting and scary stuff at the same time. This sounds like an amazing suite of tools for developers and I am really excited about learning more and making use of them. But at the same time, I've never seen so many tools (NUnit, Nant, Vault, the various profiling tools, etc) virtually squashed at the same time. I'm just glad that template based code generation wasn't on their list just yet. 
http://msdn.microsoft.com/vstudio/teamsystem/default.aspx