Configuration:
Just copy all dte*.olb files, from C:\Program Files (X86)\Common Files\Microsoft Shared\MSEnv to C:\Program Files X86\Microsoft Visual Studio 9.0\Common7\IDE.
From https://mycodepad.wordpress.com/2013/12/07/visual-studio-2012-4-run-as-administrator-the-application-cannot-start-error/
Had this problem for a C++ application. Looking at the devenv.exe events in ProcMon pointed me to it trying to load a Visual Assist configuration file, which I had in my disk cleanup zeal accidentally deleted. Removing and then installing the extension again fixed it for me.
I had the same problem in VS 2012 (not the RC, but the final release) using a VS 2010 project. It would build fine, but the debugger would not start. So, I modified the solution file:
Changed "Format Verion 11.00" to "Format Verion 12.00" And changed "# Visual Studio 2010" to "# Visual Studio 2012"
It's a workaround for now until my company upgrades its projects to VS 2012.
Ultimately, a Repair of the VS2012 resolved this issue for me. I followed the advice found at your social.msdn cross-post without any resolution (Devenv.exe /SafeMode /ResetSettings /ResetSkipPkgs and /Setup). Like you, my solution (VS 2010 SP1) also has a web application (targeting .NET 3.5), and the startup project is set to a winforms app. The ASP.NET development server did not start, nor did the app I was trying to debug.
Note that this issue was also posted to Connect at this link (by you?). If anyone else sees this issue, the Connect folks are requesting running the Microsoft Visual Studio 2012 Feedback Tool to collect data. As I started the Repair process prior to finding the Connect issue, I did not and was not able to provide feedback to MS with logging.
If you are opening a VS 2010 project with the new VS 2012 version it's probably your bin and obj folders that are causing the problem,deleting them solved the problem for me.Or you could clean your solution but I preferred manual deletion.
I eventually resolved this problem by deleting the msvsmon*.* entries in the \Windows\Prefetch folder. After doing so I could debug normally.