Microsoft is now with "Visual Studio 2010 and .NET Framework 4 Beta 1"
Democratizing Application Lifecycle Management
Application  Lifecycle Management (ALM) crosses many roles in a development organization.  Traditionally, not every role has had an equal part in the process. Visual  Studio Team System 2010 continues to empower an organization to build a platform  for functional equality and shared commitment across its ALM process.
Enabling emerging trends
Every year the industry develops new  technologies and new trends. With Visual Studio 2010, Microsoft delivers tooling  and framework support for the latest innovations in application architecture,  development, and deployment.
Inspiring developer delight
Ever  since the first release of Visual Studio, Microsoft has set the bar for  developer productivity and flexibility. Visual Studio 2010 continues the  tradition by significantly improving the experience for all software development  roles.
Riding the next generation platform wave
Microsoft  continues to invest in the market-leading operating system, productivity  applications, and server platforms to deliver increasing customer value. With  Visual Studio 2010, customers will have the tooling support that is required to  create amazing solutions around these technologies.

Visual Studio 2010 Professional Beta 1
Visual Studio Team Foundation Server 2010 Beta 1
Visual Studio Team System 2010 Team Suite Beta 1
.NET Framework 4 Beta 1