Smart Client Software Factory v2 (aka May 2007) is out. You can read more about it in David Hayden's post. Nice new feature is 'Check dependencies'. Basically it allows you to see, whether you have installed all required products, and if you don't it will provide you with a link to download page.
Unfortunately I was unable to install this factory. During installation I received following error message:
I guess it's because I don't have VB part of my Visual Studio installed. Unfortunately you can't uncheck installing VB support so I'm afraid my only option is to add VB to my Visual Studio, and try again.