I have VS.NET 2010 Premium installed, but there seems to be an issue when trying to target existing .NET frameworks. When I open properties for a web application project, th
I have had this issue as well across a number of different machines and have had to rediscover the answer each time!
The solution that has worked consistently for me is to change the Environment variables on the machine for the User Variables "TEMP" and "TMP". I repoint both of these variables to "c:\Temp" rather than the default location which includes your user name (with apostrophe) in the path.
After struggling through each Visual Studio setting related to account specific paths (Projects, Templates, etc.) this has been the only change I have needed to make to fix the problem.
Matt O'Brien