The April release candidate of Microsoft's Visual Studio 2005 Web Application Project is now available. Download it here.
The Web App Project's main aim is to ease the process of migrating Visual Studio 2003 applications over to VS 2005 and .NET 2.0. It is meant to complement, rather than replace, the Web Site Project functionality already in VS 2005, Scott Guthrie points out here in his blog.
Commenting on the April release, Guthrie lists "a ton" of new functionality that has appeared since the February preview of Web App Project. The new functionality includes the following:
Guthrie also links to tutorials and white papers to walk developers through the Web App Project process. Definitely worth a look.