Configuration:
On another computer, with the RTM of Visual Studio 2012, I opened an older project and found that I could not press F5 to start the application. All that seemed to happen was a message in the status bar on the bottom edge of the window: "This item does not support previewing".
This solution had two projects, and the correct one was bold in the Solution Explorer, presumably indicating that it was the startup project.
However, after selecting the project and choosing "Set as Startup Project" in the context menu, I was then able to use F5 to run and debug it.
It turns out that the "This item does not support previewing" was nothing to do with the problem, but is a message that shows on the status bar whenever the item just selected in the Solution Explorer does does not support previewing.