We are currently developing an IDE ("Ruby In Steel") for Visual Studio 
2005.

The current release (0.5) has
  Code colouring
  Code collapsing
  Integrated interactive console
  Commenting/uncommenting
  Bracket matching/location
  Project Manager (tree view pane)
  Syntax errors - click to find

The next release (0.6) due out in about 2 weeks has:
  Debugging
  Breakpoints
  drag/drop watch variables
  step into/step over
  autos window
  locals window
  call stack
  interactive debug console

After that we are adding Rails support features, IntelliSense, snippets 
etc.

You can keep up to date with developments at: 
http://www.sapphiresteel.com/

best wishes
Huw

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