Microsoft has decided to delay the release of SQL Server 2005 from the first half of 2005 until later in the summer of that year. A Community Technical Preview will be released as an interim beta with possibly more to come before the final beta and the product’s eventual release.
As Visual Studio.NET 2005 is connected to SqlServer 2005 when it comes to release date, it's also delayed till later in 2005. Unless Microsoft decides to disconnect the two, however I don't think that will happen. All in all, a sad remark, as it will be even longer when must-have features like a working HTML editor/webform designer are available.