This is an important property, because it names not only the IIS Virtual Folder but also the Visual Studio Solution (sln) file name, the Project name for the web folder project in a Framework 1.1 / Visual Studio 2003 project and if you have CreateDesktopFolder=true will name the Desktop folder "[VirtualFolderName] Inventu Flex Project".
During the generation, the wizard will create an IIS Virtual folder of this name and point it to the following folders:
Folder Name for Framework 1.1 (ASP.NET 1):
VirtualFolderName = ProjectPath/web
Folder Names for Framework 2.0 and Higher (ASP.NET 2 or ASP.NET 4):
VirtualFolderName = ProjectPath/PreCompiledWeb
[VirtualFolderName]Dev = ProjectPath/web
Note that with ASP.NET 2, the PreCompiledWeb folder is the defined physical folder for the IIS Virtual folder name, and that an additional virtual folder with "Dev" appended is defined targeting the active Visual Studio project's folder.
If you open the VS solution in Visual Studio 2005, make changes and rebuild, you will want to use the Dev version of the URL to test, as your changes will only be published to PreCompiledWeb if you select to publish the site instead of build.
