Just read
here, of course this is pure speculation right now but it would seem likely that if
this is true (Sql Server 2005 is being delayed until Q3 2005 or so...) the Visual Studio 2005 will also be delayed by at least that much. This would be a terrible move - especially as MS are already encouraging people to
move to using the 2005 products early and devoting entire editions of
MSDN magazine to the product (which
doesn't even have a go-live license yet!). The latest betas of VS 2005 seem pretty stable and ASP.NET 2.0 appears to be pretty feature complete (especially as many of the
cooler features have recently been ditched) , for many developers the SQL Server and VS releases do not need to be linked at all - it'd suck if you couldn't use the new cool CLR in DB features but it's not a killer.
In short, please Microsoft just get on and release VS 2005 as soon as it's ready - you'll get a lot of happy developers that way!