It looks like the SharePoint team is slowly catching up to what the community has had for years in various guises on CodePlex, but I’ve a good feeling that sometime in the future, the community will finally be able to relax and get back to real work as official support will surpass even the best of the open source offerings (optimistic? we’ll see). Here’s the feature set for the current CTP:

(These are features added in v1.3 which were not available in v1.2 or v1.1)

· Support for developing and deploying on 64 bit (x64).

• New menu commands within Visual Studio
  • Package - package the solution but does not deploy.
  • Retract - retracts and deletes the active solution from SharePoint.
  • Quick Deploy
    • Copy to 12 - copies template files, modules to the 12 Hive.
    • Copy Binarie(s) - deploys only the assemblies.
    • Copy Both
    • Recycle Application Pool
    • Attach to IIS Worker Processes

• WSP View Improvements (Create New Feature)
  • Allows specify feature scope (Web, Site, Web Application, Farm)
  • Allows creation of a feature receiver
  • Option to automatically create elements.xml with new feature
  • Elements can be dragged from one feature to another
• Build Commands Updates
  • Package command added to Visual Studio IDE and command line.
  • Retract command added to Visual Studio IDE and command line.

1) Command line operation is as follows:
devenv.exe <Project.csproj or Solution.sln and other usual flags> /deploy Debug
devenv.exe <Project.csproj or Solution.sln and other usual flags> /deploy Debug /package
devenv.exe <Project.csproj or Solution.sln and other usual flags> /deploy Debug /retract
Note that with the /package and /retract flags the /deploy flag is required.  

• CTRL-F5 no longer launches the debugger. Use F5 to launch the debugger. CTRL-F5 will just launch the web browser and show the SharePoint site.
• SharePoint Solution Generator Enhancements
  • Export from publishing sites. Note that round tripping of generated sites is not supported for anything but the simplest of sites. Instead some editing may be required.
• Correct VB and C# Inconsistency Correction
  • VB VSeWSS projects no longer use VSeWSS as the root namespace
• New Item Templates for RootFiles
  • Create a <RootFiles> item from template.
• Web Part Item Template Improvements
  • Allows selection of deployment model to the global assembly cache (GAC) or to the \BIN directory. For /BIN deployment a simple Code Access Security permissions set is provided.
• Easier Web Part Project Item Rename
  • Detect web part rename and modify dependent files
• Support for deploying dependant assemblies added as a reference with CopyLocal=true.
  • VSeWSS now checks for any "CopyLocal=true" reference and incorporates this binary in the manifest.  The binary is added to the manifest with a DeploymentTarget matching the first binary found in the manifest, usually the project target binary.  Subsequent changes to "CopyLocal", or removing a binary altogether will correctly be cleaned up when rebuilding the manifest (either through WSP view or through a deployment command).  Changes to the DeploymentTarget can be made by editing the manifest.
• Improved solution validation during full deployment
• Validation Logging
  • Adding the element <add key="IfLog" value="true" /> to the <appSettings> node of your web.config will turn on validation logging. Logging occurs during a full deployment from a VSeWSS project and can be used for diagnostic purposes. Note: The log location will be noted on the build output window."
• Conflict resolution dialog when deploying from within Visual Studio
  • Duplicate Features: If a feature with the same name as a feature you are trying to deploy is already on the server a dialog will give you the choice of uninstalling the existing feature first. If the feature was deployed via WSP the entire solution is retracted. If the feature was manually installed it will be deactivated then uninstalled.
  • Duplicate Site Definition Folders: Site definition folder is the same as 12/Templates/SiteTemplates or the WebTemp folder already exists. The option to delete the deployed folder is available.
  • RootFiles and Templates: If there is a RootFile or Template with the same name the option to delete the files first is given.
  • Solutions: If a solution with the same name exists on the server (possibly unique solution IDs) the option is given to retract and delete the existing solution.
• The List Definition from Content Type template now allows for the creation of a List Definition Event Receiver.

Grab it from the Microsoft Download Center.