Do you really mean same thing - grouping databases or other objects under folders? I mean feature like here or here.
Don't tell me...
SQL Server 2005/2008 server is already supported, but 2005 and 2008 client tools will be later because object model behavior in dramatically...
I've made free and more feature rich version of they selling on www.skilledsoftware.com. Check http://www.sqltreeo.com.
Separate names with a comma.