In order of precedence (as you move down 'groups' each subsequent group will replace, or overwrite the previous ones)
Any time 'automatic' is used as a color, the color of the next lowest precedence is used.

[group 0, lowest precedence]:
Plain Text - default text when nothing else applies
- usually what is used when 'Automatic' is used

[group 1]:
Comment - comments
Identifier - any name (variable, class, enum, label, typedef, template parameter, function parameter, ect...)
- the C++ specific ones take precedence
Keyword - any keyword in any language
Literal - any literal (include strings, numbers, headers, ect...)
Operator - punctuation, symbols, ect... (+, -, comma, braces, ect...)
Preprocessor Keyword - #include, #define, ect...

[group 2]:
Number - any number literal (5, 0.6f, ect...)
String - any string literal ("bob", includes headers like <iostream>)
URL Hyperlink - used when it detects a comment is a hyperlink

[group 3]:
C/C++ User Keywords - no idea
- the documentation seems to says its for macro's, but it doesn't seem to work
C++ Class Templates - the class name of a class which has templates
- example in: template <typename T> class Bob {}; - BOB would be the 'Class Template'
- does not apply to normal class names
- example in: class Bob2 {}; - Bob2 is NOT a 'Class template'
C++ Enumerators - the items within an enumeration
- example in: enum Bob { one, two }; - one and two are enumerators
C++ Events - not sure
C++ Fields - member variables
- example in: class Bob { int a,b; }; - a and b are fields
- does not apply to static member variables
- does not apply to member functions
C++ Function Templates - the function name of a function template
- example in: template <typename T> void Func () {} - the Func would be the 'Function Template'
- does not apply to normal function names
- does not apply to template member functions
C++ Functions - non-template function names
C++ Labels - goto/jump labels
C++ Local Variables - any variable defined within a function
- includes nested local variables (ie. variables defined inside a lmbda function)
C++ Macros - the name of a macro definitions
- example in: #define BOB - BOB would be the 'User Keyword'
- includes both normal macros and function macros
C++ Member Functions - member functions
- includes template member functions
C++ Namespaces - namespaces, nothing special here
C++ Parameters - function parameters
- does not apply to template parameters
C++ Properties - not a clue
C++ Static Fields - static member variables
C++ Static Member Functions - static member functions
C++ User Types - user defined types (not all)
- class names, typedef's, typename and class template parameters
- does not include template class definitions, but includes their usage
- does not include functions
C++ variables - global variables

[group 4]:
Highlight Current Line (Active) - colors background of current line, when editor has focus
Highlight Current Line (Inactive) - colors background of current line, when menus or other windows have focus

[group 5, higest precedence]:
Selected Text - background color of selected text
- doesn't seem to completely replace background, seems to 'tint' it in some cases, not sure how this works exactly
Brace Matching (Highlight) - doesn't seem to work
Brace Matching (Rectangle) - brace matching background color
- only applies to {} and () but not <>
Highlighter Reference - colors background of similar identifiers
Excluded Code - does nothing
- by default the editor will 'darken' the excluded code (make it look more like the background)
- changing this value seems to have no effect on the default action[/quote]

C/C++ User Keywords - User defined words.

How to define them:
1. Create a blank text file.
2. Type any words you want to define.
Example:
Date
3. Save the blank text file as "usertype.dat".
4. Open Windows Explorer.
5. Navigate to "(Visual Studio Installation Directory)/Common7/IDE"
6. Place "usertype.dat" in there.
7. Restart Visual Studio IDE of your choice. (If not opened yet, run VS IDE.)
8. Type the words you have defined and you should see them highlighted. Syntax must be correct.




C++ Events -

Possibly this:
http://msdn.microsoft.com/en-us/library/4b612y2s(v=vs.110).aspx


C++ Properties -

Possibly this:
http://msdn.microsoft.com/en-us/library/yhfk0thd(v=vs.110).aspx



Excluded Code - does nothing
- by default the editor will 'darken' the excluded code (make it look more like the background)
- To actually exclude inactive code:

1. In Visual Studio 2012, go to:
Tools -> Options -> Text Editor -> C/C++ -> Formatting
2. In the "Inactive Code" pane, change the "Inactive Code Opacity Percent" to your desired value.
3. Excluded codes will either disappear or reappear in the text editor.








[/quote]

There's a newer post about XP targetting here: CTP of Windows XP Targeting with C++ in Visual Studio 2012

If static analysis is required, we recommend that you switch the solution to the normal v110 toolset, execute static analysis, and then switch back to v110_xp.
[/quote]
Yeah, static analysis in non premium/ultimate editions are the main issue that help me selling VS2012 to the Boss. Yes, switching back and forth would be an option, but I want the static code analysis to run (incrementally) whenever somebody triggers a build. I know my fellow developers. They would not switch back and forth just to run the analysis... I also want the static code analysis to run on our build-bots (jenkins) for every build (i.e. whenever somebody pushes new code or a snapshot build is triggered).

The Visual C++ 2012 Redistributables in “Microsoft Visual Studio 11.0\VC\redist\1033” have not been updated to include Windows XP support. For this preview release, please use static linking when targeting Windows XP or deploy the C++ runtime DLLs from “Microsoft Visual Studio 11.0\VC\redist\<architecture>” inside your executable’s installation folder.
[/quote]
That's an absolute no-go for shipping this to customer.

Also, this give the Qt developers the chance to update their code to comply with the VS2012 compiler... (it's not really Qt but Webkit that is acting up, though. If anyone's interested in the code to compile Qt 4.8.3 including Webkit with VS2012, PM me)

It's nice to be able get the professional edition and even upgrade the Windows OS for free.