Design View for Xaml on Visual Studio Professional RC 2012 used to work for me. But suddenly stopped for no reason I can figure.
Suggestion 4 in this link worked for me:
devenv /resetuserdata
in Command Prompt.
So at least in my case, re-installing and then the above command cleared all issues. It is possible that resetting user data could have made it unnecessary to re-install but I can't know that now.
I still can't say what caused this but it seems a pretty long tail issue that occurs sporadically and looks to have precursors in older versions.