I'm just downloading now (I know, I'm a little behind but I've been gallivanting around the country for the last week) and I'm super excited^* about it. This is the first CTP with the VWD bits in so we get:

• New ASP.NET WebForms design-surface with advanced XHTML and CSS features
  • That means things like the CSS management and cascade view you get in Expression Web. Nice.
• JScript intellisense for ASP.NET AJAX and browser DOM
  • This could just prevent me from going completely insane.
• Multi-targetting for .NET Framework 2.0, 3.0, and 3.5 in websites and web applications
  • Oooh.
• LINQ to SQL designer integration in websites and web applications
  • I need to play with this...

As well as:

• XML Tools: XSLT Debugger
  • Enables Input Data Breakpoints allowing the user to break the execution of the style-sheet whenever a certain node in input document is hit.
• XML Editor Performance Improvements
  • Performance in the Xml Editor for Intellisense, schema validation etc is improved by implementing incremental parsing of the XML Document.
• Seamless transition between XML Editor and XSD Designer
  • Improves the experience a user has when working with an XML Schema in textual and graphical mode at the same time.

And, as I understand it, much improved performance switching between Design and Source views, a unified undo/redo stack and full access to features like the properties dialogue in source view.

^* that was mean to be ironic - the super excited bit that is. I am excited but whoever made up the (now stock) Microsoft phrase "super excited" ought to be sent back to school and forced to endure a lifetime of English literature classes studying only William McGonagall.