Microsoft Visual Studio 2008 Package Load Failure

Trying to get Visual Studio 2008 and SQL Business Intelligence 2008 templates properly configured on one machine may result in the following errors:

This results because BIDS 2008 / 2008 R2 does not come with the database project templates and Visual Studio 2008 does not come with the SSIS, SSAS, and SSRS Business Intelligence project templates.

To resolve this issue, complete the following steps:

1. Uninstall all of these if you already have them installed in your environment:
- Visual Studio 2008
- BIDS 2008 / 2008 R2
- Team Explorer 2008

2. Install Visual Studio 2008
3. Install Visual Studio 2008 Service Pack 1

4. Install BIDS from your SQL Server 2008 / 2008 R2 installation media
5.  Install Team Explorer 2008

To verify that both database project templates and BIDS project templates are properly installed, perform the following check:

1. Launch Visual Studio 2008
2. Click Help
3. Click About

It should show Version 9.0.30729.4462 QFE

Credit for solution: SQL Joe's Blog