I found this work around: http://blogs.msdn.com/astebner/archive/2008/01/13/7104519.aspx
But that wasn’t my problem. There was nothing obvious in the error log either. I did however take the advice and kick off the installer so that I could see a better error rather than trying to sift through log files. I double clicked the exe, let it do it’s thing, and no error. Weird. I got back to my Visual Studio launcher and hit install. It doesn’t indicate that the VS WAC was on of the installed components. It proceeds to “install” it. Goes through without error.
Not sure what the deal is there, but that is a pretty easy fix for the issue and it will in some cases get you going again. Which will be helpful, I can’t afford another day of down time from having to re-image my machine on Friday.