I wonder if this problem is due to the Home Edition of Windows I use.
I have several other development machines (Win 7 Pro) and never had problems with this.
When I open a preexisting ASP.Net project which uses the IIS VS 2012 on Windows 8 Home says it is configured for the use with IIS but doesn't find the web server/directory.
The IIS virtual dir exists though. I have the IIS installed (from the standard Windows feature list). I have setup the web application etc. I can even start websites in the browser with localhost. Only thing is VS 2012 can't find the IIS.
Is there a limitiation in Home?