I'm currently using PIX to try and figure this out - here's what I get:
PIX Logfile created at: 18:32:34
Frame 000001 ....PRE: Frame(1)
Frame 000001 ........PRE: D3D11CreateDeviceAndSwapChain(NULL, D3D_DRIVER_TYPE_HARDWARE, NULL, 2, 0x0013FD14, 3, 7, 0x0013FCD0, 0x018F1F40, 0x018F1F38, 0x018F1F34, 0x018F1F3C)
Frame 000001 ............PRE: AddObject(D3D11 Device, 0x05C81BE8, 0x017BF5B8)
Frame 000001 ............POST: <TRUE> AddObject(D3D11 Device, 0x05C81BE8, 0x017BF5B8)
Frame 000001 ............PRE: AddObject(DXGI Factory, 0x05C81E98, 0x017B1108)
Frame 000001 ............POST: <TRUE> AddObject(DXGI Factory, 0x05C81E98, 0x017B1108)
Frame 000001 ............PRE: AddObject(DXGI Adapter, 0x05C81EE8, 0x017B8CB0)
Frame 000001 ............POST: <TRUE> AddObject(DXGI Adapter, 0x05C81EE8, 0x017B8CB0)
Frame 000001 ............PRE: AddObject(DXGI Device, 0x05C81F40, 0x017BF8A8)
Frame 000001 ............POST: <TRUE> AddObject(DXGI Device, 0x05C81F40, 0x017BF8A8)
Frame 000001 ............PRE: AddObject(DXGI Swap Chain, 0x05C361A8, 0x017CEA78)
Frame 000001 ............POST: <TRUE> AddObject(DXGI Swap Chain, 0x05C361A8, 0x017CEA78)
Frame 000001 ............PRE: AddObject(DXGI Surface, 0x05C36350, 0x017CED6C)
Frame 000001 ............POST: <TRUE> AddObject(DXGI Surface, 0x05C36350, 0x017CED6C)
Frame 000001 ............PRE: AddObject(D3D11 Texture2D, 0x05C364C0, 0x017CECB4)
Frame 000001 ............POST: <TRUE> AddObject(D3D11 Texture2D, 0x05C364C0, 0x017CECB4)
Frame 000001 ............PRE: AddObject(D3D11 Device Context, 0x05C81FA0, 0x017C167C)
Frame 000001 ............POST: <TRUE> AddObject(D3D11 Device Context, 0x05C81FA0, 0x017C167C)
Frame 000001 ........POST: <S_OK> D3D11CreateDeviceAndSwapChain(NULL, D3D_DRIVER_TYPE_HARDWARE, NULL, 2, 0x0013FD14, 3, 7, 0x0013FCD0, 0x018F1F40, 0x018F1F38, 0x018F1F34, 0x018F1F3C)
Frame 000001 ........PRE: <this=0x05c361a8>IDXGISwapChain::GetBuffer(0, IID_ID3D11Texture2D, 0x0013FC88)
Frame 000001 ........POST: <S_OK><this=0x05c361a8> IDXGISwapChain::GetBuffer(0, IID_ID3D11Texture2D, 0x0013FC88)
Frame 000001 ........PRE: <this=0x05c81be8>ID3D11Device::CreateRenderTargetView(0x05C364C0, NULL, 0x018F1F44)
Frame 000001 ............PRE: AddObject(D3D11 Render Target View, 0x05C89F00, 0x017CEFA4)
Frame 000001 ............POST: <TRUE> AddObject(D3D11 Render Target View, 0x05C89F00, 0x017CEFA4)
Frame 000001 ........POST: <S_OK><this=0x05c81be8> ID3D11Device::CreateRenderTargetView(0x05C364C0, NULL, 0x018F1F44)
Frame 000001 ........PRE: <this=0x05c81fa0>ID3D11DeviceContext::OMSetRenderTargets(1, 0x018F1F44, NULL)
Frame 000001 ........POST: <><this=0x05c81fa0> ID3D11DeviceContext::OMSetRenderTargets(1, 0x018F1F44, NULL)
Frame 000001 ........PRE: <this=0x05c364c0>ID3D11Texture2D::Release()
Frame 000001 ........POST: <0><this=0x05c364c0> ID3D11Texture2D::Release()
An unhandled exception occurred.
The program runs fine when I run it via VS2010 but inside PIX it seems that I'm not setting up my D3D correctly.
The peculiar thing is that this exception originially occured at ID3D11DeviceContext::OMSetRenderTargets(1, 0x018F1F44, NULL).
When I moved the call to Release() (at first I released before calling SetRenderTarget()) this is how far it got.
This leads me to believe something is going wrong in the next step (which is creation of shaders). When I check the creation results via visual studio breakpoints they turn out fine though.
I tried putting the shader file in the same directory as PIX but that didn't do anything.
EDIT: managed to get PIX running correctly by setting the folder from which to run the executable.