You are definitely correct with the limitations of AppInsight for SQL supporting only 2008+.
However, the trick with understanding AppInsight is to realize that it is really just a fancy Application Monitor Template (that can't be edited).
Before AppInsight, we had regular templates.
Last I looked, all of these are still OOB templates you should have pre-installed with your software:
SQL Server 2005-2008 Performance (WMI)
SQL Server 2005-2008 Performance (SQL)
SQL Server 2005 Analysis Services
Enjoy!
(just in case: [VIDEO] Server & Application Monitor Training #5: Assigning Application Templates in SAM)
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