That's right, it's out!  Microsoft has released SP1 for Visual Studio 2005, Team Foundation Server, Express Editions and  Vista Beta. 

Here's some info from Microsoft:

Visual Studio 2005 Service Pack 1 continues Microsoft’s investment in market leading development tools. Service Pack 1 addresses issues that were found through a combination of customers and partner feedback, as well as internal testing.  The issues addressed range in severity from places where the syntax coloring was incorrect to customer reported crashes in various scenarios. In some areas, more than 50% of the bugs addressed were reported by customers through the MSDN Product Feedback Center and Microsoft Connect. Overall, Service Pack 1 offers customers improvements in responsiveness, stability and performance for Visual Studio 2005.

Through further advancement and feedback, Service Pack 1 also provides over 70 improvements for common development scenarios including:

  • New processor support (e.g., Core Duo) for code generation and profiling
  • Performance and scale improvements in Team Foundation Server
  • Team Foundation Server integration with Excel 2007 and Project 2007
  • Tool support for occasionally connected devices and SQL Server Compact Edition
  • Additional support for project file based Web applications
  • Windows Embedded 6.0 platform and tools support

For developers using Visual Studio 2005 on Windows Vista, Microsoft is in current development on an update to Service Pack 1 called the ‘Visual Studio 2005 SP1 Vista Refresh Beta’. This update builds on the improvements made in SP1 and delivers a first class experience for developers wanting to take advantages of the new features in Windows Vista. The Visual Studio 2005 SP1 Update for Windows Vista is expected to ship after the consumer availability of Windows Vista in Q1 of 2007 and is now available in beta.

Go download it!