This is far from complete but it is working and that is where I wanted to get it before letting others have a look.

Please let me know if you try it and how it works for you.  I would LOVE some feedback from someone with a different subscription from mine just to ensure that it works generically.

Currently it only supports a user story workspace and you can only update certain fields on stories and tasks. 

I'll be updating this regularly.  Eventually, I plan to post this on sourceforge but for now you can download it from me bloggernaut.

RallyDev.VSAddIn

RallyDev.zip (download) note:
note: there is an error in the "RallyDev.VSAddIn.AddIn" file found in your "My Documents\Visual Studio 2005\Addins" directory.  Please open "RallyDev.VSAddIn.AddIn" in notepad and change the line <Assembly>RallyDev.VSAddIn.dll</Assembly>
to
<Assembly>RallyDev.VSAddIn\RallyDev.VSAddIn.dll</Assembly>

I'll fix it later but my wife is hovering over me wishing me to stop working on this for a moment!