If you can't wait for refactoring in Visual Studio .NET 2005, JetBrains released Resharper 1.0 that provides c# refactoring now in Visual Studio .NET 2003 for $99.
The list of Refactorings available in ReSharper includes:
- "Rename" (rename any symbol and its usages solution-wide)
- "Move Type" (to another namespace)
- "Change Signature" (add/remove/reorder parameters of a method)
- "Introduce Variable"
- "Extract Method"
- ...and more.
It has more than just Refactoring, it offers a lot of the code completion, navigation assistance, and syntax and error highlighting you find in competing products.
Read more here.