I just talked to the msdn online concierge (woo!) and that fine person said:

Virtual Server 2005 will not be included within MSDN Subscriptions as Virtual PC 2004 includes much of the
functionality needed for most developer scenarios. However, we have been working closely with the Virtual Server 2005 team and anticipate putting together a special offer for MSDN subscribers in the coming weeks.
Please continue to watch the MSDN Subscriptions Home Page and MSDN Subscriber Downloads for additional
information.

For the life of me, I can't figure out what is so precious about this software that it cannot be thrown into the msdn grab bag. There are so many feature-rich apps available already, it seems arbitrary to say, "anything but virtual server 2005.". I mean, seriously, take my foxpro, just gimme vs2005.