In fact, Visual Studio 2010 Ultimate has support for UML classes, sequence, component, usage, and action diagrams. The 2008 class designer will continue to be included, but the team is working on reverse engineering UML class diagrams from code in a future version.
For more information, see this topic in the VS Architecture and Modeling forum: Is it possible to reverse engineer C # code into a UML class diagram?
You can also use new visualization and code search tools, such as generating sequences, dependency graphs, and level diagrams from code. You can associate UML diagrams with Team Foundation work items and extend your UML models.
I have added more links to my profile for more information.
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