I encountered this issue it turned out to be.
Project B references Project A.
Project A compiled as A.dll (assembly name = A).
Project B compiled as A.dll (assembly name A).
Visual Studio 2010 wasn't catching this. Resharper was okay, but wouldn't compile. WinForms designer gave misleading error message saying likely resulting from incompatbile platform targets.
The solution, after a painful day, was to make sure assemblies don't have same name.