I recently had two cases where the MAPI application was failing while creating a dynamic profile calling IMsgServiceAdmin::ConfigureMsgService.
Although if the same application is executed outside Service Control Manager then it work and is able to create the profile just fine.
In both cases we found out that the older versions of OLMAPI32 had this problem and you MUST upgrade to the latest version 12.0.6514.5000 or above
Publically available latest version is “October 2009 security update” - http://support.microsoft.com/kb/972363
One of my colleague, Akash, today presented this webcast where he talked about the enhancements in VSTO 4.0 Deployment for Office 2007/2010 using Visual Studio 2010. The session demonstrate how to use ClickOnce post-deployment action and Deploying Multiple Office Solutions in a single click-once installer.
Here is the link for the same, this has been hosted on Cloud