There will be a new project type coming to VS 2005.  It looks like the powers that be are listening to developers everywhere and wanting to make the transition easier for us.  Woohooo!!

From ScottGu's Blog:

Migrating VS 2003 Projects

One of the big reasons we are introducing this new project option is to help make upgrades from VS 2003 based web projects much easier.  Because the compile-semantics between the VS 2003 and this new project model are identical (single assembly and project file based), developers should be able to upgrade their VS 2003 projects to this new project-type, do a clean compile, and have everything build without making code modifications or file-changes to their project (the file-layout and code structure stay exactly the same).

This will make it much easier to get started with ASP.NET 2.0 and migrate large code-bases quickly.

[via Brian Scott]

This reminds me of the time when office 97 documents were not backward compatible with office 95.  I remember our office policy was to save everything as a RTF.  Now, I believe anyway, office documents are backward compatible from office 97 on.