I've upgraded my TDS to 5.5 and now I get the following error when opening a solution containing a TDS project with Visual Studio:
TDS failed to change configurations with the error 'Build of GetFrameworkPaths failed.'.
Please see the output window for more details.
This is a known issue not yet fixed by Hedgehog. They do provide a workaround:
http://www.hhogdev.com/blog/2016/may/common-problem-after-tds-5,-d-,5-upgrade.aspx
To save some time you can just delete the
C:\Program Files (x86)\MSBuild\HedgehogDevelopment\SitecoreProject\v9.0\HedgehogDevelopment.SitecoreProject.targets
file and run the TDS installer and choose repair instead of uninstalling and reinstalling TDS as Hedgehog recommends.