If you'd like to see the feature added, vote for the request on Connect. Here is feedback from the team regarding why it was dropped:
Let me share product team’s
information about the version support
of IntelliSense. This was a truly
by-design from the beginning of
IntelliSense project and it was a part
of business decision. Implementation
of IntelliSense requires a full
fidelity of engine parser
reconstruction in client side using
managed code base. Support of multiple
server versions means design and
implementation of multiple versions of
parsers and related infra in parallel.
This multiplies time and cost to
develop, test and support. At the same
time, the core module is an important
product base that enables not only
IntelliSense feature but also other
products including Upgrade Advisor to
analyze scripts; in the long term, it
is potentially any feature that needs
syntactic and semantic understanding
of Transact-SQL language.
In CTP5 and CTP6, IntelliSense had a
known issue that it did not correctly
check the server version so CTP users
could connect any version of SQL
Server with IntelliSense. While some
users didn't notice it, IntelliSense
was not correctly working as desired.
The impact was that IntelliSense had a
high potential to guide users to
script incorrect Transact-SQL or to
false-negatively indicate that a
script has errors while it is
perfectly valid in those versions.
Considering the number one goal of
IntelliSense is to increase
productivity of authoring complex
query or stored procedure (or simply
Transact-SQL scripts), this issue was
regarded as a factor to decrease
productivity which is a huge negative
impact from a new feature.
In RC0, this known issue was corrected
that IntelliSense checks the server
version and provides its feature on
supported version which is SQL Server
2008.
As a version one, IntelliSense is
enabled on a subset of Transact-SQL
language. It is because the large
scope of work to implement lexer,
parser, binder and script document
object model in managed code for
entire language scope. The product
team is moving forward with a focus on
expanding the language support scope.
I hope this information provides the
background information at minimum why
the target version was selected on SQL
Server 2008 only.
Anyone using the RTM build should consider the CU1 (Cumulative Update 1) build available here as quite a few IntelliSense bugs were addressed.