IBM is working on a Redpaper for VS 2005 on its xSeries line.  The whitepaper touches on Virtual Server's features and functions as well as the architecture of the product.  You can go to the link below to download a draft copy and take a look at what they have put together so far.

http://www.redbooks.ibm.com/redpieces/abstracts/redp3912.html?Open

The Release Candidate for the Virtual Server 2005 Migration Toolkit (VSMT) is now available on the VSMT beta site.

• Support for migrating VMWare GSX virtual machines to Microsoft Virtual Server.
• Migration of non-English windows.
• Enhanced HAL and multiproc detection to minimize changes during migration.
• Enhanced error messages.
• New utility to load OS and patch files that may be necessary during a migration.
• Updated documentation
• Fixes to bugs encountered with the beta build.

http://beta.microsoft.com/source/BPProgInfo.asp?ProgID=1283000000&Page=default.htm 

Use guestid “vsmt_beta” to register for the beta at http://beta.microsoft.com.

AdminStudio is one of the best application packaging tools on the market in my opinion.  The InstallShield Repackager that's included here allows you to take standard "setup.exe" installations and transform them to .MSI packages so that you can distribute them using a deployment tool.  The nice thing about this edition is that it allows administrators to prepare, publish and distribute software without ever using the SMS console - it's that tightly integrated.

AdminStudio SMS Edition is the result of collaboration between Macrovision (formerly InstallShield), and the Microsoft Systems Management Server team to provide integration for customers seeking to simplify their Windows Installer software repackaging, customization, and distribution efforts.  AdminStudio provides enterprises with the ability to prepare, publish, and distribute software packages via SMS 2003 without needing to touch the SMS server console, improving the efficiency of application management efforts.  AdminStudio SMS Edition includes the full-featured industry leading InstallShield Repackager that prepares one or more legacy setup.exe packages for deployment by converting it to a Windows Installer .MSI package.  The InstallShield Tuner is included to assist in customizing MSI packages by adding files, changing registry settings, adding license keys, removing registration wizards, or making other modifications that will then be compiled in a transform (MST). Finally, a Distribution Wizard and secure SMS Web console are included to assist in handing the packages off for distribution through Systems Management Server 2003.   The AdminStudio SMS Edition is available on the Microsoft Download Center at http://www.microsoft.com/downloads/details.aspx?FamilyId=925412E6-5350-455B-A973-FABEC35462E5&displaylang=en