I wondered where my intellisense had gone for jQuery with MVC3 and Razor. Anyway there is a fix for it:
Add the following to your view (with the jQuery vsdoc version you have:
The if-statement prevents the script tag from being rendered into the html source code.
Grab jQuery 1.5.0 vsdoc from here -> http://damianedwards.com/files/jquery/jquery-1.5-vsdoc.js