In Visual COBOL for Visual Studio 2010 R3 additional functionality has been implemented to allow you to create a COBOL Web Application project from the New Project dialog in the Visual Studio IDE :  

Previous versions of the Visual COBOL product allowed you to create a Web Site in COBOL so what are the differences between the two options ?

Not being a Web developer myself I was curious to find out more about the advantages and disadvantages of each option. Fortunately. Microsoft provide a useful summary of the differences which can be found here :

http://msdn.microsoft.com/en-us/library/aa730880(VS.80).aspx#wapp_topic5

In addition to the Microsoft documentation, the Visual COBOL product also contains a Book sample implemented as both a Web Site and a Web Application for comparison.

The new functionality in R3 simply means that you now have the flexibility to choose the most suitable architecture for your Web project.