I am currently working on an Excel 2010 add-in which formerly was an Excel 2007 add-in. Somewhere in the process of switching computers, the add-in was converted i think.
To get VS 2010 working with Office 2007 modify the project file (.csproj) so that it will open in Office 2007 and not look for Office 2010 when run (hence the error message above).
Here is the project settings change (Excel example):
Source XPath:
//Project/ProjectExtensions/VisualStudio/FlavorProperties/ProjectProperties/@DebugInfoExeName
Old Value (Office 2010):
DebugInfoExeName="#Software\Microsoft\Office\14.0\Excel\InstallRoot\Path#excel.exe"
New Value (Office 2007):
DebugInfoExeName="#Software\Microsoft\Office\12.0\Excel\InstallRoot \Path#excel.exe"
After changing this project setting, when you fire up the debugger (F5) it will load the Excel 2007 application instead of looking for Excel 2010.