I followed this link to the letter for creating a new project template in Visual Studio for MVC3. Unfortunately, while the template shows up in the Dialog, when I click on it to create a new project, I get the "Exception from HRESULT: 0x80070002". I have no idea how to fix this.
One person in the thread mentioned that the /installvstemplates command has to be run as an Administrator. I've done that. Still doesn't work. This exception is beyond useless.