In an nutshell the Import/Export Wizard creates an SSIS (SQL Server Integration Services) package for you. The SSIS engine is the second generation DTS engine from SQL Server 2000.
The SSIS "front end" is the Business Intelligence Development Studio or BIDS under START >> All Programs >> Microsoft SQL Server 2005 >> SQL Server Business Intelligence Development Studio. It is has a Visual Studio-like screen design and layout.
For more information see:
SQL Server 2005 Books Online (September 2007)
SQL Server Integration Services
Hope This Helps
MCITP: DBA, MCSE, MCTS: SQL 2005, OCP