The VS 2010 Profiler allows you to analyse your running application to identify code-performance bottlenecks and correct them.
The Profiler also gives a good overview on how efficient an application is.

After running the profiler on your application it provides you with a report composed of a line Chart displaying the CPU usage, a Hot Path displaying the most expensive calls and a list of functions which are consuming the most processor time in your app.
The line-chart allows you to identify CPU-Application spikes and drill down into it to uncover what code caused that spike.
Additionally, something useful for us is the ability to enable recording of all ADO calls to DB stored procedures to get a good understanding on how often in our app we are hitting the DB.

Getting Started

To get started is straight forward.
1. Open your application in VS2010, Select Debug à Start Performance Analysis.
2. A configuration wizard will open, click Next, Next Finish.
3. The Profiler will now run in the background, in the meantime begin making use of your application to allow the Profiler to record the apps resource usage.
 
Once you are done, stop debugging or stop your application which will lead to the performance report being generated and displayed for you.
To change what the profiler tests, see the performance profiler properties to enable features like ADO logging and more.