Difficulties installing Identity and Access Tool on Windows 8 resident Visual Studio 2012

I am a big fan of Windows 8 so I decided to try to use it as a development machine. This led me to a problem: Installing the Identity and Access tool (http://visualstudiogallery.msdn.microsoft.com/e21bf653-dfe1-4d81-b3d3-795cb104066e) either by downloading this "extension" (.vsix file) to Visual Studio 2012 and then double clicking on that file, or by using the VS Tools --> Extensions and Updates menu results with the error, described in details in the C:\Users\User\AppData\Roaming\Microsoft\VisualStudio\11.0\ActivityLog.xml file as 

... first 477 entries reported sucess

<entry>
    <record>478</record>
    <time>2013/03/23 15:53:16.448</time>
    <type>Error</type>
    <source>VisualStudio</source>
    <description>SetSite failed for package [IdentityAndAccessVSPackage]</description>
    <guid>{97E6CB8F-C650-43EA-A6F3-2B4A51ECC8D5}</guid>
    <hr>80004003 - E_POINTER</hr>
    <errorinfo>Object reference not set to an instance of an object.</errorinfo>
  </entry>
  <entry>
    <record>479</record>
    <time>2013/03/23 15:53:16.448</time>
    <type>Error</type>
    <source>VisualStudio</source>
    <description>End package load [IdentityAndAccessVSPackage]</description>
    <guid>{97E6CB8F-C650-43EA-A6F3-2B4A51ECC8D5}</guid>
    <hr>80004003 - E_POINTER</hr>
    <errorinfo>Object reference not set to an instance of an object.</errorinfo>
  </entry>

I remember having no such problem on Windows Server 2008 sometime ago - so what is the issue here?

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Nik