VS 2005 and .NET 2.0 update

I spent about an hour with this yesterday.  I opened our master solution with 2005 and to my surprise a conversion wizard kicked in.  It took about 10 minutes to run.  We had 0 conversions! 

I did a build.  We had 550+ warnings and 150+ errors. Most of the errors were quick fixes.  The warnings are impressive though.  Most are something like "a value is never assign to <object> prior to it's use and this may cause a NullReferenceException".  Very nice, I like this. 

Literal strings are in red font, very nice.  So far I am liking what I see.