Last Friday I gave a seminar on the requirements for the Vista Logo Certification[1]. During the talk someone suggested that the problems of running Visual Studio 2005 (and SQL Server 2005 as well) on Windows Vista can be fixed[2]. Although I haven't tried it yet (I will a soon as I get my hands on a Volume License Key for Vista) I'd be careful because part of the solution is using beta stuff[3].
[1] Vista Logo for Software
[2] How to fix.
[3] Visual Studio 2005 Service Pack 1 Beta