Yes, I have heard of that. Looks awesome! Though I am presently using some fully licensed VS installs, but if I need to move on I'll definitely be getting this.
edit: Hm, apparently MS is also open-sourcing .NET and putting it on GitHub even! That's awesome!
Ok, so I put this on another machine since my student copy was only good for two computers and dang this community edition is just perfect! It makes me suddenly want to work on my C# projects now.
And nevermind C#, I almost want to play around with C++ again because of this. VC++ Express was badly hobbled (no Win32 resource editor, for example), so I kind of got away from it.
My displeasure with VB.NET over VB 6 was what made me seek out an alternative and originally find Sphere.