I noticed in a blog post by Scott Guthrie that Visual Studio 2008 (formerly known as "Orcas") will include a "go-live" license allowing it to be put into production use with a supported upgrade path to subsequent releases.
VS 2008 and .NET 3.5 Beta 2 will ship later this summer, and the Beta 2 release will support a go-live license for those who want to put applications into production using the new features immediately.
Also, just in case you missed it, "Orcas" is now officially known as Visual Studio 2008 and the related .NET Framework is known as .NET Framework 3.5. Visual Studio 2008 has "multi-targeting" support which allows you to configure your Visual Studio 2008 projects to use the .NET Framework 2.0, 3.0, or 3.5.
Read the post here.