Hello Brant,
When creating a new WinForm project in VS2010, the default targeted framework is .NET 4.0 Client Profile. Try changing the targeted framework to .NET 4.0.
VS 2010 users must switch the target framework to ".NET Framework 4" as by default Windows Forms applications target ".NET Framework 4 Client Profile". This is required, because Nevron controls for WinForms are using design time support features that are not present in ".NET Framework 4 Client Profile". To do this right click on the project in Solution Explorer and select properties. On the Application tab go to "Target Framework" and select ".NET Framework 4".