It is amazing how many improvements was made from VS 2003 to VS 2005. I remember the time when I was so anxious to touch new VS 2005. MS guys are working hard (and smart) to let us waiting new VS 2008 (Orcas) in same manner.
ScottGu was very responsive to users' comments on his blog entry VS 2008 Nested Master Page Support and shares
VS 2008 Beta2 should be available for free download in the next three weeks. It will support a go-live license (Posted on July 09, 2007)
Also the date of big launch is known... as Windows Server 2008, Visual Studio 2008 and Microsoft SQL Server 2008 Joint Launch Announced. It is Feb 27, 2008 in LA.
While the launch events are scheduled to kick off on February 27, 2008, Visual Studio 2008 will be released before the end of the year.