In juggling priorities, costs, and benefits for Whidbey, the Visual Studio team determined it would be better to continue with a side-by-side toolset strategy than to delve the depths of cross-targeting from a single tool. We have therefore put effort into ensuring that Visual Studio 7.0, 7.1, and 8.0 can be installed side-by-side on the same development machine and can target side-by-side versions of the .NET Framework.
Of course, I discover this particular tidbit AFTER I have already uninstalled Visual Studio.NET 2003 and loaded VS.NET 2005. That wouldn’t be such a problem but for the fact that I need to target .NET 1.1 for some stuff, and can easily target 2.0 for other stuff. Now I guess I’ll have to re-install VS.NET 2003.