We're just about done with CTP3, our teched release of the product. Bashing hard for those last critical bugs (if any) today...
We'll fully support SQL Server 2000 projects at TechEd, with the exception of full-text search, and SQL erver 2005 projects will not crash but neither will they work completely either. For example, we have templates for adding all SQL Server 2000 objects (tables, views, users, filegroups, etc.) but no templates for new SQL Server 2005 objects.
Hopefully the SQL Server 2000 support will give you an idea of
a) Where we're headed with the product vision, and
b) Whether we're meeting your needs
I'm very excited about hearing your feedback, ideas, suggestions, etc. Feel free to pass them on to me or on our forums!