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From what I have gathered, it seems to be a framework detection error of some sort. (i.e. VS cannot determine what framework a library is built for unless it is in the solution, and it defaults to 4.5)
Still a lot of large companies clinging to XP. I liked it a lot and still have an old XP machine tucked away. But sooner or later you have to move on. I ditched XP for Win7 a few months ago. Win8 ain't gonna happen at Burkhart's house.