I've wondered this too. Not having seen any screenshots of Xcode (here or on Apple's site) I'm puzzled as to what Xcode actually is - does it replace Project Builder and Interface Builder? Or is Xcode simply a snazzy new name for Apple's 10.3 Developer tools?
From what I've read, Xcode implements new programming aids ('faster' compiling using 'smart' compiling techniques, etc). It may be that these new features are not destructive to Project and Interface Builder - Xcode may simply work alongside the tools we're all used to.
If this is the case, then WebObjects development shouldn't be affected.
On the other hand, as a WebObjects 'developer' (ha! ok, i own it, been trying to learn it since 5.1 was released), I'm hoping that SOMETHING has been improved in the dev tools that will pave the way for some significant and 'friendly' additions to WebObjects 6.0, whenever it comes out. Why? Cos the dang learning curve is a joke! Thats no curve, thats a wall! Microsoft's web dev tools include loads of wizards and canned scripts and such - making it possible for a newbie to get something up and running quickly. I'm not suggesting Apple can do the same as that would severly undermine the power of WebObjects, in my estimation. what I am suggesting is that maybe Xcode will put infrastructure in place that will make it possible for future versions of WebObjects to be more user friendly - maybe a lite version and a pro version kind of product road map. Given the state of GoLive and Dreamweaver, people are already suggesting that Apple develop a Web Dev app that is fast and standards compliant. Maybe such an app could incorporate some WebObjects infrastructure?
I'm rambling. Bottom line is, I have no idea what Xcode means for WebObjects.
I looked at:
http://developer.apple.com/tools/xcode/
and couldn't come up with any better answer.
Any developers out there using the betas of Xcode and Panther who are also WebObjects developers? If so, keeping your NDA in mind, can you at least tell us if you're worried about the future of WebObjects development or excited about it? That would be safe, wouldn't it?
-Peter