Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.
The new .Net Framework is 3.5. Even it comes with Visual Studio 2008, with which can start developing applications. Still I could see people thinking .Net 3.5 is a new Framework with new Architecture(s).
Unlike .Net 2.0 & .Net 1.1, .Net 2.0, 3.0 & 3.5 are closed integrated. We can tell .Net 2.0 is a subset of .Net 3.0 which in turn is a subset of .Net 3.5!