[.net] Something better than .NET Reflector?

Also take a look at ILSpy by SharpDevelop. It's in early stages of development and they just made a release on the 24th of February. That in itself works pretty good for me. From their website:

ILSpy is the open-source .NET assembly browser and decompiler.

Development started after Red Gate announced that the free version of .NET Reflector would cease to exist by end of February 2011.

Update: JetBrains has released dotPeek, its free .NET decompiler.

Update 2: Telerik also has a free decompiler: JustDecompile.