If you haven't read Scott Guthrie's post, First Look at Orcas then you're missing a treat. No blog post has ever had me so excited about an upcoming product. Plenty of awesome screenshots. And Scott only covers a few of the features in this post; I can't wait for the next installment.
Those wishing for an early peek can test drive the Microsoft Pre-release Software Visual Studio Code Name "Orcas" - January 2007 Community Technology Preview (CTP).