At work, we've shunned the VS 2003 concept of "Web Sites". Who really thinks you can build an enterprise web-application that is developed against the web-server with FrontPage Extensions?
I've been wanting to try out the new Visual Studio 2005 Web Application Project since it was released but am just getting around to it.
There's an Update to Visual Studio 2005 you have to download first.
Haven't spent too much time on it yet, but you don't have to hack the IDE's config settings nor set up IIS.