I'm excited to announce the latest refresh (February CTP) to both Web Application Projects and Web Deployment Projects!  Details below, feedback wanted as always! 

Web Application Projects
Updated Feb 10, 2006
Visual Studio 2005 Web Application Projects provide a companion web project model option for Visual Studio 2005 that works like the Visual Studio .NET 2003 web project model and can be used as an alternative to the built-in web-site based version. This latest release adds designer field generation and migration support.
» Download Web Application Projects

Web Deployment Projects
Updated Feb 10, 2006
If you have a complex Visual Studio 2005 web project which requires different web.config settings for deployment or you'd like more control over the compilation process, check out Web Deployment Projects, a new tool for Visual Studio 2005. This latest version adds support for Web Application Projects, preserves file encoding when using the new merge tool, and more.
» Download Web Deployment Projects