Architecture in ASP.NET 2.0

Hi All

I have to create n-tier architecture for my new project with visual studio 2005, asp.net 2.0 and SQL 2005

Which approch to follow...
1)   making different projects for Business and Data access or
2)   add in app_code directory

If i choose 1st option then can i get advantage for dynamic compiling and others which are related to app_code

Thenx in Advance,
David



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Architecture in ASP.NET 2.0