Weird one too: after installing (updating) from 13xx to 14xx of VAX, I ran two instances of VS2003, using both at the same time. I'm not sure which instance i closed first, the first started one or the second. Probably this matters for reproduction of that bug. Anyway, starting any subsequent instances of VS2003 just locked them up before a project can be loaded. Note that one instance was still running and it did not show any problems. Annoyed from the lockups, I broke into the debugger (WinDbg) and saw that the new instances all where hanging at va_x!MigrateDevColor+0x9c9be, respectively at the following WaitForSingleObject call. Looking at the name of the function I suppose its some "13xx to 14xx migration" code, which uses some critical section or mutex and thus locks up in multiple instances...
After killing that hanging instance and quitting the functioning one, I started over with a new instance of VS2003... and see there, it hung after loading a project. And again it is va_x!MigrateDevColor+0xbec5f before the RtlEnterCriticalSection call.
Am gonna restart the system now and hope it will improve...