Thanks for the response. Yes, I went through (and even tried) SQL Server Ugrade advisor. But not sure if Microsoft has plans to ship "Upgrade Wizard" kind of utility as shipped with SQL Server 2000. I couldn't find any reference to such utility being planned in their site.
Quoting from the new version of the HOLY BOOK (BOL 2005)
Upgrading to SQL Server 2005 from a previous SQL Server version is supported by the SQL Server 2005 Setup program. You can also migrate databases from previous SQL Server versions to an instance of SQL Server 2005. Migration can be from one SQL Server instance to another on the same computer, or from a SQL Server instance on another server. Migration options include use of the Copy Database Wizard, Backup and restore functionality, use of the SQL Server 2005 Integration Services Import and Export Wizard, and bulk export/bulk import methods.