Can anyone explain what advantages there are to using a tool like MSBuild (or NAnt) to build a collection of projects versus running DevEnv.exe from the command-line?
<
The prime reason for using an external build tool like NAnt or MsBuild is the ability to automate your build process and thus provide continous feedback on the status of your system. Also they can be used for loads of things besides a "pure" build and that's where you really start to get value from them, it's an extremly valuable thing to be able to build and test your application with a single command.
You can also start adding stuff like collection of metrics, packinging of release binaries and all sorts of nifty stuff like that.