Oh sorry, I overlooked that.
So if you choose, open with and then pick that editor (even if it's set as default) it works? Hmm. That is strange. If you use File -> Open -> File in vs it does the same thing? With all llblgenproj files you have? I do recall it remembers if an editor failed to load for a file and it then falls back to a text editor, and the next time you try to load the file again it goes straight to that text editor. (we saw that when creating the add-in, e.g. when it had a bug and threw an exception during load).
If you set, say, the xml editor as default, and then choose open with again and choose the normal editor, it does the same thing? You have both v4 and v5 installed btw?