I tried the following:
- Install VS 2012 + Data Tools for 2012 – BIDS projects are not supported.
- Install VS 2010 + Data Tools from SQL Server 2012 media – in the middle of installation, it prompts for
vs_setup.msiand when directed to VS 2010 media – the setup fails. Installation performs a roll-back, something is installed but not completely. VS 2010 can now convert projects from the old version (2008 R2), but those are unusable. - Install Data Tools for VS 2010, get this after project conversion:

Does anyone know a proper, rock-solid way to install BIDS for SSRS 2012?
I installed SQL Server 2012 Data Tools (from the SQL server 2012 DVD) on a clean Windows 2008 R2 server. It got VS 2010 Shell + SP1 installed automatically, and the rest installed with no problem – I was able to convert my 2008 R2 SSRS project to 2012.
Interesting part is that only the solution file gets converted, and the actual RDL files do not change during conversion. This is true even for 2005 (v8) report project. Even more interesting is that inside
*.slnfile it merely stamps new VS version, so no point in performing the conversion – it could have left the old format instead, for compatibility reasons.