From beta2, VB.NET Code Snippet Editor is available as a standalone windows application. You can download it from here. If you are not aware of Code Snippet Editor, it is a Windows Forms application with UI for creating, editing, testing VB code snippets. If you want to know more about code Snippets, check out my articles "Code Snippets in VB.NET 2005" Part1 and Part2
Actually, during pre beta, this snippet editor was integrated with VS.NET 2005. You can invoke this editor from code editor by selecting Create Snippet menu option from context menu. I have mentioned about this in my article "Code Snippets in VB.NET 2005". Now it is moved out of VS.NET 2005. I dont know why MS has done this, I feel it will be better if VB.NET Code Snippet Editor comes along with IDE. I am trying to integrate this tool with VS.NET IDE. if i succeed, i will post the details.