OK, this was ridiculously hard to find, compared to how things worked in earlier versions of Visual Studio.NET (2002/2003). Kind of embarrassing in retrospect, but why would I look where I'm about to tell you?

In the older versions, you simply select New Project from the Start Page, then pick "ASP.NET Web Application" from the menu that appeared.

Not so in VS.NET 2005 (Beta 2 anyway): You click on Create Project from the Start Page, pick your language, then navigate through the available templates to find... Oh wait, there's nothing relevant there. WTF? I see a "Web Control Library" there, but nothing else Web related, in fact nothing that even mentions ASP.NET. Completely stupid.

So, after trying some Google searches and finding nothing, I finally give up on that, start searching the local MSDN help and still find nothing. About to quit in disgust, I try something off the wall - Instead of using the damn Start Page, I instead try (*drumroll please*) picking from the top menu:

File... New... and (there it is (!!!)) WEB PROJECT.  

I guess it's where it should be, but we've all gotten used to the clunky start page in the older versions, so why shouldn't the creation of a new web project be located there? Just stupid if you ask me... Guess it's just a beta, but come on...

Anyway, hope this helps other clueless idiots like myself. :)