Code Snippets is a very cool feature that has been added to the Intellisense capabilities of the 2005 versions of VB and C#. Snippets allow you to easily add a commonly used code templates with editable regions for the parts of the template you need to customize.
Microsoft will provide about 50 snippets with C# and a few hundred with VB. In addition you will be able to create your own snippets using editors provided by Microsoft or by third-parties.
For more information check out a .NET Rocks! interview and a GrokTalk given by Michael Palermo as well as this FAQ.