Visual Studio 2005 extensions for Windows SharePoint Services 3.0, version 1.1
An update has been published to this tool. For those who are unfamiliar to this, it enables Visual Studio developers to create SharePoint elements (lists, web parts, features, etc.) directly from Visual Studio, and deploy directly to your SharePoint installation.
It also enables you to export sites and lists from your SharePoint installation using a tool called SharePoint Solution Generator. When doing this, it automatically wraps the exported elements into a Visual Studio project, ready for you to develop in.
For download and more information, check out this page on Microsoft Download.
Here's what's new for version 1.1: