The Visual Studio servicing page is updated: VS 2005 SP1 will ship Q3 of this year. This date seems to have has slipped before, but at least it gives us an estimated time of shipping.

Taken from that page:
The types of fixes you can expect to find in this service pack are:

  • The Hotfixes and General Distribution Release Updates (GDRs) released between RTM and the end of the Service Pack customer beta period.
  • Any fixes addressing security issues categorized as MSRC “Critical”, “Important” or “Moderate”.
  • Fixes for product reliability and stability issues, including those reported by customers via the Product Feedback Center, and the crashes most frequently reported via Watson.
  • Fixes for common “eligible” functional issues reported by customers via the Product Feedback Center. “Eligible” functional issues are those that do not require breaking changes, architectural changes, or Design Change Request (DCR) level feature work, and that do not create unacceptable product quality risk and/or cost of implementation.
  • Fixes for the top customer and supportability issues as reported by PSS.