I was happy to learn that the old project structure of Visual Studio has come back in 2005 with the advantages of MSBuild ! It is delivered as a new project type called “Visual Studio 2005 Web Application Projects”.  Moreover, it includes a ‘Edit and continue’ compilation directive to edit code while executing in debug mode and continue execution with changes. This feature works for web applications and the libraries executed in web projects. 

For details, read this post : http://weblogs.asp.net/scottgu/archive/2006/05/08/445742.aspx
To download, go here : http://msdn.microsoft.com/asp.net/reference/infrastructure/wap/default.aspx