It lets you browse The Code Project directly in Visual Studio 2005. When you click on a link that would normally download a ZIP file, it asks you instead if you'd like to open the sample up using the Code Project Browser. If you say yes, the add-in will download the file, unzip it to a base My documents\My Code Project Samples directory and then load it directly. It also provides a sidebar where you can view, reload and delete all of the projects you've downloaded. Finally, it allows you to keep Code Project favorites, just like any respectable web browser would.
Great, more code project spam.
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