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Does 'Tools | Application Options | Macros | Reload Predefined Global Macros' help? To initialize the VSTUDIO_NET_DIR macro, VBP looks for the following registry values (which correspond to the values created by the VS.NET 7.1 [2003] and 7.0 [2002] installers, respectively):
HKLM\SOFTWARE\Microsoft\Microsoft Integration\03721D9F-6222-4200-BE0C-531F96AAF9B4\SuiteLocation
HKLM\SOFTWARE\Microsoft\Microsoft Integration\490D3C64-A846-4bcf-A22E-448B5157FA53\SuiteLocation
If neither is found, it defaults to "C:\Program Files\Microsoft Visual Studio.NET 2003" (it's does appear that this default doesn't match the actual default VS.NET 2003 install path, as you noted), but the first entry above should exist and be used to retrieve the actual path if you have VS.NET 2003 installed. Was there anything non-standard about how you installed VS.NET? Does that registry value exist?
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