The first CTP of Visual Studio 2007 Code Name "Orcas" is ready to be downloaded and installed.
There's a great news that Microsoft finally has understood: this CTP is released as a Virtual PC image, so no need to have a dedicated machine where to do the installation (with all the consequence that you can imagine).
I'm curious to see the preview of the Visual Designer for Windows Presentation Foundation (code name "Cider")... 
UPDATE: the last "joke" from Microsoft:
Virtual PC 2004 is currently not supported on Windows Vista and is required for this CTP. Therefore this CTP is not currently supported under Windows Vista.
Ridiculous...