So I loaded up the Dev preview of VS11 and started with a default grid project.  I was just curious to see what stuff is being loaded.  .NET, WinRT, whatever...

The first point of confusion was that there were no References on the VS project.  Looking at the csproj I see this:

<ItemGroup>

<!-- A reference to the entire .Net Framework and Windows SDK are automatically included -->

</ItemGroup>

I can see Visual Studio loading up .NET 4 assemblies, a new Interop with Windows Runtime and some new things: winmd files.

I'm guessing the WinMetadata stuff under Windows\system32 is the new WinRT?  Not 32 bit?