The next release of Visual Studio 2005 will be the product as code-named "Orcas" . The next major release of Visual Studio Team System is code-named “Rosario” and will be released following the “Orcas” release. In this exciting release, we will be delivering new innovations to build on our award-winning Application Lifecycle Management (ALM) solution.
At TechEd 2007 in Orlando, we announced the official product name for Visual Studio Codenamed "Orcas" as : Visual Studio 2008
Next Release of SQL Server Codenamed "Katmai" will be SQL Server 2008
Checkout below resources for further info :
Visual Studio Team System Future Releases
An Overview of Microsoft Visual Studio Code Name "Orcas" White Paper http://www.microsoft.com/downloads/details.aspx?FamilyId=17319EB4-299C-43B8-A360-A1C2BD6A421B&displaylang=en#filelist
Feature Specifications for Visual Studio and .NET Framework "Orcas"
Microsoft SQL Server 2008
Watch the video : Scott Guthrie's First Look at Visual Studio "Orcas"