Updated 30Apr2008: Note the binary directory is for Visual Studio 2008.
I’ve hinted at a few of the external tools tokens, but let’s explore a little more. I think most of these are self-explanatory, and the help documentation explores each in depth, but here’s a high-level overview.
All of the Item and Current tokens (available for the Arguments edit box) operate on the currently-active editor. Note the editor does not have to have focus in order to work, but just have (inactive) selection.
For the Initial Directory edit box, you’ll find all the directory tokens, but one in particular to call out is the Binary Directory. Note: This is new functionality for Visual Studio 2008.
The Target Directory token targets the obj directory (\obj\Debug\), but if you need the final bits that go into the bin directory (\bin\Debug\), use the Binary Directory token.