Alex Malek announced the availability of Visual Studio 2005 extensions for WSS v3 from the TechEd floor in Barcelona.
I tried the CTP for a few minutes because I was doing a MOSS Touchdown redelivery over here in the Netherlands. It appears to be working quiite good, although the stand-alone 'Site-template-generator-based-on-site-instance' (not the official name 😉 ) tool didn't work on my demo laptop (installed using the installation script available on this blog: click)
I also doubt the usefullness of the Sharepoint Webpart templates for VS.NET, but maybe additional functionality will be added later.
Read his blogpost here: click
Download the CTP here: click