Please vote for this issue here:
To reproduce, see the attached project.
The problem is potentially major: a .NET exception brings down the complete IDE. This is a problem, if a control wants to throw an exception at design time because it encounters wrong input data: it can bring down the complete IDE by doing so. If you attach a debugger after the crash occurs, you'll see that the exception not being handled is one thrown by the code in TheView class, normal .NET code.
Writing code for design time databinding is already a true nightmare and this kind of stuff doesn't really help as well. Let's hope MS solves this one quickly and for all of us.
ps: if you're trying out the example project, first build it, then open the Form1 in the designer.
ps2: Workaround: don't use the smart-tags (as they're not that smart apparently). Even if you attach a debugger to a new devenv.exe instance, load the test project there, the code won't stop where the exception is originating, but when you select the datasource from the properties grid, it will.