Thomas (de) picked up the topic of validating multiple forms in ASP.NET 1.1 (de) - and was wondering if / how this is solved in 2.0. Great opportunity to start my series on "What's cool in 2.0". The good doctor is in!
One of the features on the (rather long) list of cool features in 2.0 is validation groups. It allows you to group certain controls - validators and controls that allow (auto-)postback - in a validation group: only the validators in the group that is posted back is actually being executed.
Let me illustrate, take a look at the following "two form page" (contrived as always):

In the old days of 1.1, when you clicked either of the two buttons, all validators would be executed, even though not all are applicable for both forms. In 2.0, all you have to do to sort out this dilemma is to set the ValidationGroup property:

Now when we run our sample application, only the validators associated with the respective "form" (validation group defined by the button) fire:

I'm sure that a lot of my fellow developers can't wait till this feature RTM's!
To wrap up, Stephen Walter wrote the article Changes to the Validation Controls in ASP.NET 2.0, which goes into more depth on the validation control changes.