The FxCop team announced that the new CTP of Orcas now has code metrics.  I have the VPC setup for the latest CTP, but have not dove into it yet to check out the new features.  But from reading what the FxCop team has put up, this is certainly good news.  I currently use CodeRush to watch things like CC in my apps via a docked window.

However, VS code metrics have a long, long ways to go before its going to be something that I use for serious analysis.  That's where NDepend comes in.  NDepend supplies over 60 quality and useful code metrics, and also has its own query language that Patrick calls CQL.  Its easy to use and is part of my formal build process.  Its going to be very hard for anything to dethrone NDepend as the king of code metrics.

Its certainly nice to see that over the past several years MS is making strides to catch up to the tools that are out there.  Orcas is supplying code metrics and will have some sort of continuous integration built into the next version of TFS, but I don't know exactly what all that entails.

Sorry VS team, I know you're trying, but you still can't compete with NDepends for full bore code metrics, but it does seem useful to use as a "quick look" tool at some basic metrics.