You wouldn't have gotten the bottom exception had you updated to the version from the 27th of November. And you wouldn't have gotten the top one if we had thought that somebody might not have SP1 installed on their VS. So we are gonna fix that now.
I really appreciate your assistance on that matter. I have added some Telerik points to your account to compensate at least somewhat for the time you spent on this issue.
Good luck with just code and don't hesitate to contact us if you encounter any other issues.
the Telerik team