Web Application Projects provide a companion web project model that can be used as an alternative to the built-in Web Site Project in Visual Studio 2005.
The new model is more feature rich than the built-in Web Site Project and offers the following functionality:
- Team Build Support with VSTS
- Strongly-typed access to resources defined within the App_GlobalResources directory
- Custom Build Tool Action support
- Edit and Continue support
As I see it, the Edit and Continue feature is by far the most interesting, allowing the programmer to debug, edit code and continue execution.