I had the same experience at work as I did at home wrt the components
aparently not installing properly. I can reporduce the problem by
uninstalling alpha 4 then installing the 4.1 platform, then installing
Alpha 3 and finally Alpha 4.
Visual Studio started OK but when I created a Local Server project VS
locked up after I pressed OK on the template screen and after about 30
seconds my incredibly stable work PC shut down and rebooted itself!
After the reboot I could create the local server and add a VB telescope
to the solution but the component paths were broken per the original
Alpha 4 install.
Hopefully this recipie will help you reproduce the problem - I'd be
inclined to try it on a "spare" PC though :)