When creating VS2010 C# projects with beta 3, the .NET target framework profile will always be set to client profile.
This way, framework assemblies not belonging to the client profile such as "System.Drawing.Design" cannot be referenced in the project.
code snippet from vs2005_csproj.lua (only reference to "TargetFrameworkProfile" I found):
if \_ACTION == "vs2010" then \_p\(' <TargetFrameworkProfile>Client</TargetFrameworkProfile>'\) \_p\(' <FileAlignment>512</FileAlignment>'\) end
In order to enable the full target framework the TargetFrameworkProfile element must be left empty.