Visual Studio

Read more about it here and download it from here.

Noteworthy changes:
New processor support (e.g., Core Duo) for code generation and profiling
Performance and scale improvements in Team Foundation Server
Team Foundation Server integration with Excel 2007 and Project 2007
Tool support for occasionally connected devices and SQL Server Compact Edition
Additional support for project file based Web applications
Windows Embedded 6.0 platform and tools support

This sounds like it will be a nice gathering of developers that care about results more than what language a solution is programmed in.

They describe it better than I can:

CodeMash is a unique event that will educate developers on current practices, methodologies and technology trends in variety of platforms and development languages such as Java, .NET, Ruby and PHP. Held January 18-19, 2007 at the lush Kalahari resort in Sandusky, Ohio, attendees will be able to attend a world-class technical conference amid Ohio's largest indoor waterpark. So nobody will frown if you show up in shorts, sandals, and your loudest t-shirt. You might even win a prize for doing so.

CodeMash

I probably won't be there, so I don't think I can win the Zune for blogging about it, but I figured it was worth a mention anyway.