In chatting with colleagues today I realised a) we were confused and b) I appeared to be least confused - but not 100% certain. Given I know someone reading this will definitely know for sure - how about I just throw out my 90% certain answer and see if I am right :-) Thanks in advance!
Note that no versions will ship with .NET Framework 3.5 which will be shipping at about the same time as part of Visual Studio 2008. .NET Framework 3.5 will need to be installed separately on Windows Server 2008 - via Windows Update or some other mechanism.
Phew - obvious really :-)