Microsoft Visual Studio 2010 comes with side-benefit for the students in the audience: You can get Visual Studio 2010 Professional for free via the Microsoft DreamSpark program. Here’re the details: “Microsoft Visual Studio 2010 Professional is the essential tool for individuals performing basic development tasks. It simplifies the creation, debugging, and deployment of applications on a variety of platforms including SharePoint and the Cloud. Visual Studio 2010 Professional comes with integrated support for test-driven development, as well as debugging tools that help ensure high-quality solutions.” To qualify for this offer, you need to get verified, which basically involves having your school verify that you're a student or via a student ID. Also, for you non students out there, check out the new Visual Studio 2010 Express editions, which’re free for one and all.
More info: Microsoft DreamSpark