Visual Studio 2005(or later) should work for Media SDK. Generally 2008 and higher is most widely used and has also been tested recently.
Professional would be definitely advisable. you can find comparison between both products over here - http://www.microsoft.com/en-us/download/details.aspx?id=7940
Having said that it would also depend upon what you would like to do with Media SDK. If you do find any compatibility issues, please feel free to report it to us.