Probably the most frequent question I get these days is, "by the way, when will the EF finally ship?" I can imagine how frustrating it must be not having more concrete data about this stuff, and sadly all we're able to tell you is that it will ship some time this summer. Unfortunately I don't have any new news on that front, but what I can (finally) share with you is the ship vehicle.
There will be an SP1 of VS 2008/.Net Framework 3.5, and the Entity Framework and its designer will ship with it. In fact, there will be a beta for SP1 coming out sometime soon with all of our bits nicely integrated with VS and the .Net Framework--no more install Orcas, then install this beta thing, then a patch, then another beta thing or whatever that song and dance was.