I am currently using VS 2003 with SQL Server 2000.
I have not developed any reports for 2000 using VS 2003.
If I upgrade the db to 2005 can I create and deploy SQL Server 2005 reports using VS 2003?
That is correct and you will just work with a better SQL Server and I think for $100 you could get the Reporting Services VS 2005. Hope this helps.