Upgraded to VS2005 "officially" today. I have played with it on other machines, but today I upgraded my primary development machine. I have been tinkering with it and the CLR Profiler... all said, nice stuff. Here is a link to using the profiler with the built in VS 2005 webserver and a snippet from this blog after the jump

http://odetocode.com/Blogs/scott/archive/2005/12/11/2611.aspx

The profiler can’t attach to a running process, so you have to tell the profiler how to launch the web server. WebDev requires at least two parameters: a port number (/port), and a physical path (/path) to the web application. Once profiler is running, you can use the File -> Set Parameters menu option and enter these parameters. The command line parameters together will look like /port:2112 /path:”c:\src\webapp1”.

With parameters set, you can launch the web server by clicking “Start Application” in the profiler form and browse to WebDev.WebServer.exe in the framework installation directory (typically \Windows\Microsoft.NET\Framework\v2.0.xxxx). The server icon will appear in the tray, where you can right click the icon and select “Open in Web Browser”. The application might feel sluggish during profiling.

Taken from K. Scott Allen's blog at the above link.