"That is the reason for not to upgrade.If it is not broken do not fix it."
There is something to be said for this point of view ;-)
Anyways, after some experimentation I was able to resolve the issue:
Running "Repair" did not work, however, selecting "Modify" and explicitly selecting the settings including incorporate with MS VS 2010 solved the problem.
Not sure why I had to do this, but it did the trick.
Thanks for everyone's replies