Error 80040154 (Class not registered exception) when initializing VCProjectEngineObject (Microsoft.VisualStudio.VCProjectEngine.dll)
Solution 1:
There are not many good reasons this would fail, especially the regsvr32 step. Run dumpbin /exports on that dll. If you don't see DllRegisterServer then you've got a corrupt install. It should have more side-effects, you wouldn't be able to build C/C++ projects anymore.
One standard failure mode is running this on a 64-bit operating system. This is 32-bit unmanaged code, you would indeed get the 'class not registered' exception. Project + Properties, Build tab, change Platform Target to x86.