I'd heard about this forthcoming edition of Visual Studio 2005 Team System (Team Edition for Database Professionals) a while back but was reminded by Jamie's recent post to actually download the CTP and give it a whirl.
After a painless installation, I cranked-up VSTS, created a new 'SQL Server 2000' project and clicked on the 'Import Database Schema' with much anticipation.... only to be met with a rather abrupt and anti-climatic 'object reference not set' error:
After an unsuccessful bit of Googling, and an uninstall/reboot/install cycle I eventually discovered that the import functionality worked fine when running with local Administrator rights, but not when using my everyday unprivileged account - irrespective of any other SQL-related permissions.
So now I'll make sure that I run the ever useful 'MakeMeAdmin' before doing this sort of thing again.
Incidentally, running VS2005 without admin rights is officially supported (http://msdn.microsoft.com/library/default.asp?url=/library/en-us/dnvs05/html/vs05security.asp), and to-date has worked well for me - a definite improvement on VS.NET 2003 in this respect.