A couple other points: I deleted the obj and bin folders. In obj, only Release was recreated. In bin, at first it was only Release, then Debug showed up...eventually, probably after me fiddling with building and rebuilding one or the other. The Debug folder has never gotten anything placed there, but at least it exists.

Checked the vbproj file, and everything in there appears correct. I can see the output paths are correct for debug and release.