I found the solution on MS's MSDN newsgroups. If you search the newsgroups for "MDM" or "MDM.exe" you'll find the problem.
If I remember correctly, you just need to make sure that the MDM service is registered and started. The command-line option is: "/service:register MDM", so just type this...
About six months ago, I installed MS Script Debugger on my machine. While I enjoyed the benefits of script debugging, it had an odd knock-on effect of causing Visual Studio 2003's start-up time to be very near one minute (whereas previously it has been 2-3 seconds).
The sequence of events:
1...
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