Using the xml documentation with the recommended tags greatly improves the readability of code when they are used by external classes.
Also, you can generate a help document from the xml comments using tools like Sandcastle. This tool generates a chm file that is very similar to the documentation that you see on msdn for .NET classes.
As for the integration into Visual Studio environment, it is done automatically and happens as soon as you build you project. While using the documented class / method / property, the Intellisense feature shows the xml comments.
In addition, free Visual Studio tools like Ghost Doc (from SubMain) allow you to generate most of the tags simply by using key board shortcuts!