I know you want to make migrating Visual Studio 2003 Web projects to Visual Studio 2005 as painless as possible.
I feel models save a lot of time. Take a look at these two web sites.
"There's a preview http://webproject.scottgu.com/Download.aspx of the Visual Studio 2005 Web Application Project http://weblogs.asp.net/scottgu/archive/2005/12/07/432630.aspx. This new project model is an add-in to VS 2005 that provides the same conceptual project model that existed in Visual Studio 2003 but with all the new designer features of Visual Studio 2005 and ASP.NET 2.0."
Have fun!Stephen Ibaraki