Microsoft has posted guidelines and FAQ’s for using Visual Studio 2005 on Vista. Looks like you’re out of luck if you’re using Visual Studio 2002 or 2003.
While we have made tremendous investments in Windows Vista to ensure backwards compatibility, some of the system enhancements, such as User Access Control, changes to the networking stack, and the new graphics model, make Windows Vista behave differently from previous versions of Windows.
The changes will impact Visual Studio and thus we’re unable to support Visual Studio .NET 2002 or Visual Studio .NET 2003 on Windows Vista.
However, your existing .NET Framework 1.1 and 2.0 based applications will continue to work on Windows Vista, and will be able to take advantage of many of the new features available to Windows Vista applications.
For more information about the impact of Windows Vista on Visual Studio please check: