What actually caused the problem for me was that there were a lot of links to external assemblies in my user interface project. In particular, he referred to some DevExpress Winforms material for reporting needs.
As soon as I reorganized the user interface project so as not to depend on these dependencies, Blend began to work fine.
As a note, I attached a debugger to Blend while it was hanging, and it seems that Blend is continuing to rethink the same assemblies. In addition, the corresponding assemblies were not in the GAC.
The funny thing is that VS2008 or VS2010 do not choke at all, as far as intellisense in the same project.
Hope this helps.
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