• Press Ctrl+T to transpose a character
• Press Ctrl+Shift+T to transpose a word
• Press Alt+Shift+T to transpose a line

In the above example (where the cursor is placed before the "is" on the commented line "now is the time"),

• Pressing Ctrl+T will swap the ‘i’ and the previous space, creating  // nowi s the time
• Pressing Ctrl+Shift+T will swap the "is" and "the", creating // now the is time
• Pressing Alt+Shift+T will swap the current line with the line below it

Just out of curiosity, I’d love to know how people use this feature, so please leave me a comment. 

Technorati tags: VS2005Tip, VS2008Tip