The web project model changed in number of ways from Visual Studio 2003 to Visual Studio 2005, But one major part which is missing is the ability to version the assembly using AssemblyInfo.cs file.
This is because the model of VS 2005 dynamically creates multiple assemblies for each class file. Resulting in which we cannot have single named assembly to set version number.
We cannot change the default behaviour of compilation but we can change the way we can deploy our project files and assemblies, by using Web Deployment Project.
Microsoft Web Deployment Project adds numerous features which nicely integrates with Visual Studio 2005, out of which the most useful I found is:
More control over number of assemblies generated by a pre-complied web application as well as control over the naming of the output assemblies. Which means you can generate either single assembly for you entire project, and select the name and version you want for e.g Foo.dll, etc or generate the assemblies per directory/ pages or control.
The ability to customize and modify the web.config file during deployment, that means you need not to change you web.config file every time before making release or deploying the project, instead you can specify the web.config keys on Web Deployment project, that you use for deployment, like this you can customize any other web.config settings also.
These are the few things which I named here, if you want more information on how to install, and use this you can visit the Scott's Blog from the below link:
Other Useful Links which may help you to further explore this subject
I hope this will help you, if you have something to share on this topic, then please leave a comment.