I figured that issue out from one of the other posts in this forum. It was the Web Applications Projects update to VS 2005. However, I am bumping into an issue with NpgsqlClientFactory.
Version 1.4 is experimental. We recommend that you drop back to 1.3 as this is the current and supported release.
Update: We do not always split the version control tree, so the 1.3 code is inside ~/SplendidCRM/Open/Web1.2 and the 1.1 code is inside ~/SplendidCRM/Open/Web1.0. Splitting a tree to early can cause sync issues, just as you have seen when trying to build 1.4. Once we ship the final version of 1.3, we will get back to 1.4 and the Web1.4 tree should be useable.
