lots of feedback of the loss of the webproj web project file in asp.net applications. most good, some bad. as a result, the web team has been working hard on several aspects post-RTM for asp.net v2 and visual studio 2005.
you should have by now hear about web deployment projects.
now look at the web application project (preview). ScottGu does a great job at explaining the new web application project for visual studio 2005 and some tutorials on its use, as well as explaining some of the compilation details behind it.
take a look!