This http://blogs.technet.com/dataplatforminsider/archive/2008/04/15/sql-server-2005-sp3-coming-soon.aspx is the first public announcement I have seen which confirms service pack 3 for SQL Server 2005 is on it's way. There is also some really good information appearing on the PSS blog http://blogs.msdn.com/psssql/archive/2008/04/25/sql-server-2005-sp3-and-self-service-hotfixes.aspx about the SP3 build and CU hotfixes.
One of the more frequent requests I hear is for a slipstreamed build (downloadable image or DVD) which includes the service pack, or at least the ability to apply an integrated build. Hopefully this may happen sooner rather than later.
I find SSMS to be much more flexible that SQL Server 7.0/2000 Enterprise Manager (SEM) however there are some really basic UI features which should be fixed. The display of data types, in particular LOB such as varchar(max) is not consistent through the UI. For example, in the object explorer I can see varchar(max) in the column hierarchy, sp_columns will represent this as TEXT, sp_help <table> displays varchar and finally the publication wizard also displays the type as varchar. This is particularly frustrating when a DBA needs to de-select LOB data types from the article and the data type is not displayed correctly.