New old web project model option for VS 2005
The ASP.NET team takes a look back at VS 2003's model for web projects and adds an option to Visual Studio 2005 to use the same kind of model. This has been requested by several users when the new model (no project file, multiple assemblies, App_Code folder, etc.) was introduced.
It looks like this new option can be the best of both worlds, as it still lets you take advantage of the new VS 2005 WYSIWYG designer changes (no more html reformatting, master page/theme designer support, etc), as well as all the improvements made in the html source editor, and it lets you use VS 2005's built-in web server and MSBuild.
See also the new Visual Studio 2005 Web Deployment Projects
Congratulations to the ASP.NET team for its newly gained agility!
Update: this new model is available as a preview.