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Whenever I drag any of my MySQL components from the Toolbox to the Component Designer form I blow up with a message that starts out "Failed to create componet "component name" then goes on with a bunch of error messages that start
System.Runtime.InterOPservices.COMException (blah, blah).
Any component I drag give the same message.[/img]

I have recently went through these struggles as well. I found that I did not create a reference to the assembly. If you don't know what that means...

Right click on your project in the solution explorer
Select Add Reference
Then one by one add all the CoreLab MySQL references

This worked for me. Hope that helps.

What version of Visual Studio do you use?
What version of MySQLDirect .NET do you use (Std, Pro, Mobile)?
Do you write class library (dll), executable application (exe), web project,
web project with dynamically compiled sources?