According to eWeek Beta 2 should be released near end of march: http://www.eweek.com/article2/0,1759,1753556,00.asp
Quote: "Microsoft Corp. is expected to roll out the much-anticipated second beta release of its Visual Studio 2005 development platform at the end of March or early April, sources close to the company said"
And RC1 should be released near PDC this year, which means september...
RTM will be released near end of summer... Australian summer :) I presume...