In vs.net 2005, when you open a project (using the normal
File->Open->Project/Solution options), if that project were written in vs.net
2003, then the wizard will launch automatically.
Did you get a dialog box “Welcome to the Visual Studio Conversion Wizardâ€
when you opened your project?
This wizard guides you to save a backup of your project before it proceeds.
At the end it will give you log of errors regarding the tasks that it could
not accomplish (for example, I get errors all the time regarding the
references to the business and data layers, which I then have to open,
convert and compile separately)