Microsoft released today the Visual Studio 2005 Web Application Projects for Visual Studio 2005 (obviously). I've been running on the betas and RC1 of the product since it came out and I've just upgraded to the release. If you like the VS 2003 / ASP 1.x programming model but would like to take advantage of the 2.0 Framework and the coolness of Master/Content pages and much more, check it out!
http://msdn.microsoft.com/asp.net/reference/infrastructure/wap/default.aspx