Codename: Visual Studio 2010
Visual Studio is the staple of most Microsoft-centric development shops, and the next release (which will likely ship next year) will focus on new collaborative tools, direct access to the OSLO repository for data modeling, and an update of .Net to Version 4.
One of the most compelling new features is the brand new Architecture Explorer, which allows development teams to see a model of the existing development framework and find any existing code assets that are not well categorized.
Other new features include unified modeling language support and a new debugging tool that is especially useful for find non-reproducible bugs by automatically creating data sets.