Microsoft launched its MSDN Code Gallery yesterday. According to Somasegar
The MSDN Code Gallery is a portal for snippets, samples and other resources. In it you can find pages that describe samples and supporting documents including screenshots and design documents. In addition, you will find hosted conversations about these samples, sample projects or other resources that have been provided to the community. This destination is open to the entire community to contribute content to.
What it means for developers like you and me is that its a place where we can share and download code snippets more in the context of community than that of organized project/work streams. That is, Code Gallery will server purely as content repository minus project management.
If you are interested in managing live projects etc. then you can use Microsoft's another offering called CodePlex http://www.codeplex.com/.
So happy code gallerying!