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I installed the demo version of 2005 and its a completely different development environment, replaces EM and is more like developing in Visual studio so lots of pros there but the cons well the installation footprint is massive compared to SQL2K and you need .NET and everything installed.
The features are obviously better in 2005 but theres nothing really that most web/office apps desparately need, some better security features.
Licences - whichever version you choose to install you will be licenced for 2005, you just need to purchase the disk kits for 2000. If you pay an extra 29% and get software assurance you will be future proffed for the new versions later on. Depending on what you need to licence, a processor licence and/or external connector licence may now be cheaper than individual user CALS. Or you can buy a server licence and a few CALS and then upgrade to a proc licence if needed.
Definetly go with Win 2k3, but maybe hold back for a updated version of SQL2005.
I am chimming in, however, because our developers have been playing with 2K5 to see what it is like and they are impressed. They see significant speed improvements over SQL 2K.
I have seen the new "Management Studio" (the new term for EM and like it alot. I tried to use it to manage old 2K db's, but no dice.
Anyway, I am looking forward to it!