Finally the first beta of VS 2005 is available for download.

There are two version. 

1. The full beta, available to MSDN Subsscribers
2. The express beta products, available for free public download

According to the information I found, it seems that the express version is more for beginning hobbyists, people who get started with .Net programming, ...

Update
Be sure to check out the Channel 9 Summer Of Express Contest.  A lot of info can be found.  BTW you can win one of the 6 Xbox with XBox Live Subscription and the Halo2 game.