Hi Michael Blanchet,
Runtime version says 2.0.50727 because although it is targeting .Net 3.5, this is showing the Runtime version which is still 2.0.50727. The CLR hasn't changed for .NET 3.5 - it's the same runtime version, but with additional libraries, including language enhancements in the compilers. This should not bother you as it is standard for WPF references. You can make new WPF project without using Telerik templates and you can see that all the initial (Microsoft) references have the same Runtime version. This version will only change if you target .Net Framework 4, however our WPF controls are still targeting 3.5.
I don't think there are layout tools in VS2010 however the design surface is more interactive and in my opinion a little bit improved. In general the important changes in VS2010 is the improved designer (now for Silverlight as well), slicker design, support for .NET 4 and Silverlight 4 and improved debugging capabilities. Also a lot of new stuff is available in TFS. For more info you can check this link
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