MSBuild Logger Verbosity
When you build your .net 2.0 projects there are notes appear in the Output window. Those notes are generated by the MSBuild engine. By default the verbosity detailing level of those notes is very common and don't include all the output that given by MSBuild.
You can change the verbosity detailing level by changing the following key in the registry
HKEY_USERS\S-1-5-21-57989841-1409082233-839522115-1003\Software\Microsoft\VisualStudio\8.0\General
key value named MSBuildLoggerVerbosity.
There are four levels, the default is 2. If you want to see the messages then you have to set the value at least to 3. I don’t recommend setting the 4 level because then the amount of output is enormous and it is very hard to find something in it.