NCover (both commercial and open source with the same name) and the code coverage tool in Visual Studio are pretty much your core tools in the MS world.
Code coverage is the inverse metric. It really does not show you which code is adequately checked. Like Nick, you can take the test, but you don't test very much. Code coverage instead tells you in which area of your code there are absolutely no tests. From there, you can decide whether it makes sense to write tests for this code.
In general, I think that you should do code coverage, since it does not require much effort to configure, and at least gives you more information about your code than what you had before.
I agree that getting the last part of the code is probably the most difficult, and there may be a point where the ROI on it just doesn't make sense.
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