I have run into a few issues with the new graphics debugger that PIX didn't have and it is really annoying I had something fail a depth test but the depth test wasn't on for that particular drawcall it turned out that it actually failed a stencil test. I had to go through all the states for that particular draw call to figure out what was happening to it.

The other problem is that PIX no longer understands the DX11.1 runtime so even if the application is shared if it is build against the DX11.1 runtime PIX will fail to open the application, and seeing he is building his application with VS2012 it is very likely it's built against the DX11.1 runtime sadly.

Currently I am having to deal with GPUPerfStudio 2 and it is not perfect either and only works for AMD cards, there is another plugin for VS that might help you and it is called NSight but that only works for NVidia cards and you have to register as a developer with NVidia to get it.

Well seeing he has the graphics debugger up in VS2012 we don't have to worry about the OP having an express version. It is worth getting a pro version for VS if you don't have one btw, but try and get it through someone who works for MS as that saves hundreds of <your currency here>.