While SQL Server has nothing to offer by way of the "cool features" of encapsulation and package state like you are used to, you can organize your stored procedures into schemas.
In enterprise manager, these procs are still all listed together which makes for a HUGE treelist if you have hundreds of procs. I too miss the organization and cool features of Oracle packages. However, all platforms have their strengths.
NOTE: Writing stored procedures in the .NET language DOES give you encapsulation and state. It still does not however separate them in the EM treeview in any special way.
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