Web project files are coming back to ASP.NET 2.0 imminently as an optional extra!  All the good stuff from 2003 (like a sensible way to temporarily exclude files, single assembly compilation, class files wherever in the structure you want...) with all the cool new stuff from 2005 (no FrontPage Server Extensions requirement!  Cassini web server!  Precompilation!....).

Hallelujah!  Thank you for listening, Microsoft.

http://weblogs.asp.net/scottgu/archive/2005/12/07/432630.aspx