Microsoft DevDiv VP "Soma" Somasegar just announced that the team signed off on the bits for VS "Orcas" Beta 1, and they should be available on MSDN within the next 48 hours. Congratulations to everyone working on the project, Visual Studio 2008 (my guess, not official) is shaping up to be a really great release.
Below are links with more information. I'll update this page with more download links as they become available. NOTE: The "Suite-Only VPC" link is active and you can start downloading now.