CMS SP2 is available!
Yes. I'm late but better late than never!
CMS 2002 SP2 has released! You can download from here: Content Management Server 2002 Service Pack 2 (SP2) . As promised, with SP2 you get Visual Studio 2005 and .NET Framework 2.0 support - specifically, we support master pages, authentication/nav provider models as well as SQL Server 2005 support.
Stefan has a done a great job outlining all the detail and provided pointers to several of his articles that are super relevant if you are planning to take advantage of ASP.NET 2.0 w/ CMS SP2.