I've been working on getting the various web applications that make up our system migrated to the 2.0 framework and VS 2005. Class libraries seemed to convert with little or no effort. Most of our we service projects also seemed to convert into the new Web Site project format with little effort. The front-end project, however, has proven to be a major effort. I found that I can get the job done much faster by using the new Web Application Project format, the beta of which was released just recently. While the new project format is much more dynamic and offers a lot of advantages, I'm afraid getting to that format is going to be a major challenge with large projects where a lot of liberty has been taken and the “make the conversion process easier by avoiding these items“ list hasn't exactly been followed.
Get the info here http://webproject.scottgu.com/
I'm not certain that I will go this route when the time comes to change horses. I may revisit the default conversion process after I've addressed some of the issues that may make conversion easier. My goal this past week has just been to get everything to 2005 as quickly as possible for some proof-of-concept testing with Team Foundation Server. Thanks to Scott Guthrie and his team - mission accomplished.