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With the original 0.86 beta 1 release, there was a small problem with folks who only had VS 2008 installed because there was a dependency on a registry key that was installed with the .Net 2.0 SDK (or VS 2005). 

The latest nightly build has fixed this, and a clean machine with VS 2008 can now use NAnt just fine.  CodeCampServer is using NAnt 0.86.2909.0, and it's working well so far. 

I have to say that over the past 2.5 years, I have been very pleased with NAnt.  It is a great open-source build tool, and it integrates with every other command-line tool I could want.  I normally <exec/> out to msbuild.exe for the compile.   I have a NAnt build template available in my public source code repository here.