Does Visual Studio 2010 work with MOSS 2007?
3 Answers
All of the Templates in VS2010 are designed for SP2010, and likely won't work for SP2007 without modification.
I know of no reason you couldn't create a project for SP2007 and do all the work that VS2010 does for SP2010 manually (Build the WSP, generate various Xml files), OR use WSPBuilder, or another 3rd party tool.
Edit: Johan is correct, SPVisualDev is what I was thinking of.