The first service pack is out for SQL Server 2005, and it looks good so far. I am using the Developer Edition on a Pentium 4 at 2.8 GHz with 1 GB RAM. Took about 1/2-hour to install the 252 Meg service pack, not including download time (I first downloaded to the C: drive, and installed from there.) There were a few tense moments, when the installer reported "unrelated pending file operations" that required a reboot, but simply clicking Continue would proceed with the install just fine.

One thing I noticed right away was that it now handles database diagrams that were created in the 2000 version. Of course, it had to tell me that "a component needs to be created" but that went fine, too.

Overall it has the same modern look and feel as the other developer applications that were pioneered in Visual Studio 2002 - the fly-out pinnable menus, property pages and so forth. Another thing I like about the 2005 version is that a mini-Visual Studio is provided for working with Reporting Services, Analysis Services & Integration Services projects.