Status of Visual Studio Threw 2004 has been clrearly labled by Microsoft these days as Everett Yukon and Longhorn have all been marked by the sheets. As Visual Studio.Net was released earlier this year.

Everett
Windows.Net Server intergration
Support For .Net Compact Framework and device development
Improved Proformance

Yukon
SLQ Server intergration
Improved IDE productivity and community support
Extended support for XML Web Services
Office programmablity

Longhorn
Windows "Longhorn" Intergration
New UI tools and designers
Exclusive Managed Interfaces