As far as I can tell XNA v3.1 isn't compatible with VS2010 (which is making me unhappy, as well).
If you're just interested in building a Windows (or Windows Phone 7) game, VS2010 with XNA 4.0 will work fine. The description on the MS site implies that 4.0 only includes tools for phone development, but that's not the case.
Download the Windows Phone Developer Tools Beta from here (http://go.microsoft.com/?linkid=9713250). That download comes with all of the project files, assemblies, tools, etc you need to build Windows XNA apps with VS2010.
The only restriction (which should disappear when 4.0 comes out of beta) is that, although you can create a new xbox 360 project and build it, can't deploy it or test it on your local console. I had to switch back to VS2008 and XNA 3.1 for that reason.
Good luck.
Update
According to XNA Game Studio Team blog, XNA 4.0 will be release September 16 2010, including XBOX beta support and full integration with VS2010. There are a few breaking changes that are worth investigating, but the beta looks promising.