When I try to access \"Application.CommonAppDataPath\" i get this error message:
System.Deployment: Store metadata \"CurrentBind\" is not valid
I had a similar issue (like jpierson's comment) with the same exception '"CurrentBind" not valid' on ApplicationDeployment.IsNetworkDeployed. I had unchecked "Options|Debugging|General|Just My Code". After checking it back all worked fine.
NOTE: Some other discussion threads had suggested reinstalling VS2010. I did that but did not help. I don't know if reinstalling was also the fator.