I got interested in the current state of the ASP.NET 2.0 CMS system marketplace, mostly from the point of view of whatever is either source-code-available, or open-source. I have a post on the MS C# newsgroup about this and it looks like, from the initial response, that there are more than a few people who share my interest. I've already looked at about five of them, including Umbraco, axCMS, SharpNuke (a C# port of DNN that is faithful to the original VB.NET version and converts to ASP.NET 2.0 very nicely) and a couple others.
As I go on my travels looking at these, if anybody wants to post a suggestion of one that you like I'll be happy to review it.
1) Must be either open-source or a free non-restrictive "GPL" type license that allows you to modify the code.
2) MUST be either in ASP.NET 2.0, or can be easily converted.
3) Must be able to be deployed in a shared hosting account environment where you may not have direct access to either IIS or the desktop ( in other words, it is capable of "installing itself").
So far, Umbraco and SharpNuke look the most promising.