I have just converted a project to VS2010 and I now starting to see Exceptions in my software in IntelliTrace.
One such Exception is \'Application identity is not set\',
If this is a ClickOnce application being debugged, another option is to check the System.Deployment.Application.ApplicationDeployment.IsNetworkDeployed setting.
System.Deployment.Application.ApplicationDeployment.IsNetworkDeployed