The main difference between the stand alone and Visual Studio report designer is that the standalone Telerik Report Designer works with xml report definitions (trdx) and it's independent from Visual Studio. Generally till Q3 2012 release the stand alone report designer lacked some of the VS report designer features such as connecting to Object/OpenAccess/Entity data sources. However as elaborated in the Roadmap those features will be included in the Q3 2012 release of the standalone report designer.
the Telerik team
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