I couldn't put it better myself than Avery does in his VirtualBlog - Property Grids Suck. Not only do they suck, but the use of the word Properties in what feels like half the common menu items in VS 2005 gets to me even more. There's even a great feature in the C++ project system that appears to be deliberately hidden by being called the "Properties Window". Not to be confused with the other 312 items with the word Property in it.
At least Avery didn't have to suffer the installation hell of the .NET Property Grid during the years of internal dogdooding that us softies have to. I don't think I'll ever forgive it for that, and I'd like those lost hours/days of my life back.
At least they did fix the tooltips, eventually.