One of the advantages of using Static Code Analysis in Visual Studio 2005 vs the previous FxCop is the ease with which you can customize which rules are run.  For starters there is the fact that you can turn off Static Code Analysis.  This is good because it does increase your compile time.

Secondly however, it is very overwhelming if you're working on a large project and for the first time run Static Code Analysis.  You can wind up with literally hundreds of warnings.  How do you manage this?  The answer is you go back into your project properties and start deselecting categories of warnings.  For example cut off Globalization warnings if you don't want to see all the static strings you've left in your code, or cut off Mobility if your application will never run on a hand-held device... you get the idea.  Limiting your checks to a single category, say performance makes it possible to group them and address them in a manageable manner.