I'd agree with Alzdba.

We're rolling out SQL 2005 at the moment mainly it's had 2 service packs and for me this is an indicator that the manufacturer's put some effort into ensuring that all those initial bugs have been ironed out. I haven't bothered with the cumulative updates so far because I'm a bit nervous about applying something that comes with a disclaimer saying:

"This cumulative update package may receive additional testing. Therefore, if you are not severely affected by any of these problems, we recommend that you wait for the next SQL Server 2005 service pack that contains the hotfixes in this cumulative update package"

So yeah - I'd like SP3 - please.