For all those that have asked this question many times, Virtual Server is now available to download from MSDN, for more details see here.

Update:

TechNet Plus subscribers have been asking for Virtual Server 2005 since it released.
Virtual Server 2005 Standard Edition will ship to TechNet Plus subscribers in November.  With TechNet Plus evaluation software, there are no time limits so you can make informed decisions about new technologies and test server consolidation or application re-hosting scenarios at your own pace.  Find out more about TechNet Plus subscriptions