"Deprication" is is a fancy way of saying "We're not including this any more." There are things in SQL Server 2005 that aren't going to be supported in the next release of SQL Server.
If you have any of these features, keywords or other constructs in your code, you should start planning to take them out. Microsoft usually still carries things in the "deprecated" list for one release, so by 2008, some of them won't be there any more. You can find out what has been trimmed here.
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