Oh yeah, and for the record, either the Visual Studio 2005 beta 2 ASP.NET project converter is really bad, or I was unknowingly doing something totally bizarre with my web project, because after converting I got about twenty compile errors, some of which were due to files being placed in impossibly wrong locations in the new website. (At least the ASP.NET 2.0 beta 2 runtime had no problem figuring out my old project.) Those are on top of the tons of compile errors I got when trying to split my old web project into a web project and a standalone server DLL. This was the default in older versions of Visual Studio, and something that I really liked. It wouldn't be hard at all to use that method in Visual Studio 2005 for a brand new project, but converting an old project that worked like that to a pair of projects that work like that in Visual Studio 2005 is surprisingly difficult.
I understand that the Visual Web Developer guys wanted to reduce complexity because of complaints from some developers that the model of having a website and a separate DLL was confusing, but writing a converter that takes a complex project and mashes it into a simplified system is just recipe for confusion.