There is a separate download for VS2005 which converts eVC3 and eVC4 projects. I have tried with PocketFrog and the Plasma projects & both converted. This makes the getting started process really easy.
There were 3 INT definitions in the plasma code which needed added (scope of the variable was different slightly between versions?).
I just used project dependancies to link plasma to PF, no setting directories for libs needed anymore.
Plasma builds & deploys fine to my MV5 device to a folder called program files/plasma & runs correctly. nb: as noted in eVC4 Blit demo fails.
The emulator looks great though I have not used it yet.
Here is the link to the conversion wizard:-