Visual Studio 2010 appears to be referencing the corresponding Visual Studio 2008 folder for all installed item and project templates, even when I do the export template and check the box to install the template I just created, it stores the zips into the 2008 folders and I can confirm that it is looking in there for templates because I was pulling my hair out figuring why the templates I was dropping into the 2010 folder weren't coming.
How can I tell VS 2010 to stop being dumb?
Figured this out:
Tools -> Options -> Projects and Solutions -> General, there you choose the path for item and project templates. Not sure how or why mine was set to 2008.