In addition to releasing the VS 2005 Web Application Project this past Friday, we also released an update to the VS 2005 Web Deployment Project -- which provides additional build support for pre-compiling and configuration changes with applications. Here is a pointer to an old tutorial I wrote about it.
You can download the new VS 2005 Web Deployment Project here. It contains a number of bug fixes, and also adds support for VS 2005 Web Application Projects (so you can now use Web Deployment Projects with them in addition to VS 2005 Web Site Projects).
Hope this helps,
P.S. Wayne Brantley recently started blogging and wrote a great first post about a number of VS 2005 Web Deployment tips & tricks he uses with his web projects.