We announced a new product "Visual Studio Shell" that will be released with Visual Studio 2008. This SKU of Visual Studio will be available to VSIP partners when Visual Studio 2008 BETA 2 ships.
The Shell comes in 2 flavors: Integrated and Isolated:
The "Integrated" flavor is the core Visual Studio Shell with all the Microsoft provided languages removed. This was called Premier Partner Edition in VS 2005 and VS 2003. It is branded as "Microsoft Visual Studio". If you are a VSIP partner with your own language or developer tool that could run on it's own, or integrate if the user has a full edition of Visual Studio installed, this is usually the right flavor.
The "Isolated" flavor of the Visual Studio Shell allows re-branding of the shell. This enables you to brand an application built on Visual Studio Shell completely. The Visual Studio Shell "Isolated" based application live entirely independent from Microsoft Visual Studio SKUs.