Developers use what is called an IDE to write and compile code - Visual Studio is an IDE. It allows for templates to be used so that Developers can create their own applications using that template as a base line start.
What this template does is allow any (aspiring) PS3 Homebrew Developer to use it as a base line for any Homebrew game or application they wish to make. Basically, if you're not a developer or don't know how to code then this isn't for you.
On my Win7 x64 this required additional DLL's - mscvp100d.dll and mscvr100d.dll.
Both are available from here:
Just copy them to %WINDIR%\system32 and should work fine then