I have quickly fallen in love with the Object Test Bench even though its really not much more than a souped-up, visual Immediate Window. However, in a project last night I was stumped to see that the “Create Instance“ menu option was not shown in the Class View as the Help file indicated it would be. I didn't think much of it and I just did my object creation from the Immediate Window which created the object in the OTB for me. However, this morning rational thought brought on by a decent night's sleep led me to the solution.
Apparently, the “Create Instance“ menu options in the Class View are only available if the selected project is a start-up project. I'm not sure why that is, but there's probably a good reason. At any rate, I hope that this helps someone else that experiences the same problem.
Partho's weblog has some great articles on the Object Test Bench in Visual Studio 2005.