The one thing that irks me about compiled code is the compilation tax.  It takes a while to re compile everything even if there is only a small change in a page or class.

Here are some tips to reduce those build times.

http://weblogs.asp.net/bradleyb/archive/2005/12/06/432441.aspx

I have to say that it certainly seems faster after I've used these tips.

One improvement I have made is to not debug using Visual Studio.  I simply start app and stop it right away.  I then just browse to my web site with another browser instance and test that way.  The development web server will just sit there running and serving up content. 

I find this way that I use logging much more than debugging.  Of course, there are some problems where debugging just can't be beat but those instances are few and far between. 

This method works really once especially if you have seperate assemblies for each page/folder.

I find that I only build the whole site if I make signifigant structural changes to the site like renaming classes. 

In the end, faster edit, test, debug cycles are what we are after.  We want the advantages of a dynamic language without the penalites.