Scott Guthrie is posting that they're developing a new project type for ASP.NET projects in Visual Studio 2005. I still have no idea why that crackpot (note, "crackpot" is meant to be funny) thought that removing the concept of a project from ASP.NET would sit well with people who had been creating ASP.NET applications for four or more years (with another year for betas).
Enough people have complained publicly about it (I have, though not very vocally) that they're putting it back in. And I don't buy the crap that it's mostly for project upgrading from VS2003. It has nothing to do with upgrading projects. It has everything to do with pulling the rug out from everyone's feet and only some people don't mind.