Well, I finally had a chance to make this properly. It now acts like a TabControl. Meaning, each TabPage is actually a container that you can host controls. Not much needs explaining to use it. I attached a picture of a cool skin I made with it - the possibilities are limitless. (Ignore the tab names and File Browser, I couldn't really think of anything else for names or an example.)
I will, however, point a couple things out.
1) The previous version lacked this, and this version has it - the ability to increase the tab widths. Use the TabWidthInflation property for this. I created this because it was annoying if the text you wanted was to long for the tab.
2) The Skin property had a designer built for it, with a previewer and form to help create the skin easily, as opposed to browsing through the properties in the designer. A picture of it has been attached.
3) ImageList property, you can now associate images to the tab pages much like you would on any control (use an ImageList, and change the ImageKey property on the Tabs)
Many thanks to the suggestions from i00 and NickThissen, they were incorporated into this version. JuggaloBrotha, there is no LINQ, Initializer syntax or inferred objects in this, so it is fully compatible with VS2005 with Option Strict On, and I hope to see how you incorporate it into your application.
1) Add a reference to System.Design
2) Add the file via Project > Add Existing Item
4) The control will show up in your ToolBox.
Please do not steal this and claim it as yours...
Update: 12/05/2011 - See updated post - Old Version
Update: 12/07/2011 - See updated post - Latest Version