using VS .NET 2003 and the (rather silly) code snippet
#if 0
// first bit of code here
#else
// this is some dummy code
#elif 1
// this is a conditional bit
#endif
CTRL_] moves between the #if 0, #else, #elif and #endif lines. it only moves down the code, and it doesn't work if my cursor is at the end of the #if 0 line.
does this work in your version of VS?