Jordan,
I've worked with several organizations to re-write VFP applications in .NET, using SQL Server, C#, and Cyrstal. Yes, there was a substantial learning curve before we became productive.
Having accumulated/built a knowledge base/library, generally speaking the development time for me now is about 1:1.
My validation is that things are running well in production.
I agree, VS2005 and SQL2005 offers great new functionality.
Kevin