http://www.php-compiler.net/
Cool! PHP 5.0 for .NET! I've been trying to keep up with this, and now that I can actually utilize .Net for the object accessing, I just might jump to Phalanger/PHP for my simple websites... Sorry ASP.Net, but most of the time its easier to get what we need via a closer to the metal (closer to the HTML) generator.
Instead of wasting time undertstanding HOW to get ASP.Net to do what you want, since PHP is simpler, I think it'll catch on with the hobbyists.
Now, a Visual Studio PHP.Net project is a cool idea ;-)