After installing VS 2008 SP1, I couldn't open a solution in .NET.
Unable to Open Web Site http://localhost:xxx. To access Web sites on local IIS Web Server, you must run Visual Studio under and Administrator account and have access to the IIS metabase. Alternatively, install FrontPage Server Extensions (FPSE) and then grand FPSE access to users who will run Visual Studio
I haven't looked in to resolution yet but will update once I have it.