As a long time ASP.NET developer I've had my frustrations with how Visual Studio 2003 handles web projects. I can't even count the numerous times I had to re-add the project to the solution, or delete some painstaking DLLs that were in some of the Web Caches. And since our solutions typically contain up to 20 projects with >100 web pages, I drank quite some cups of coffee while waiting for the first page to appear in my browser.
Fortunately, if the article Microsoft Visual Studio 2005 Web Project System: What Is It and Why Did We Do It? delivers, then life will get a whole lot better.