Aspnet_compiler.exe fails to produce any content apart from the PreCompiledApp.config and the Bin folder.
When you save a solution containing a web project (file based), it sets the physical path property Debug.AspNetCompiler.PhysicalPath for the aspnet_compiler. If you then subsequently save your solution to a different folder (i.e. to the parent Solutions folder which houses all your various project folders), then the .sln file gets the update for the path to the project, but it forgets to update the two settings for the aspnet_compiler properties.
To resolve the issue you must open the sln file in notepad and updated that path as necessary.
Example
Before editing .sln file in notepad we have ...
Project("{E24C65DC-7377-472B-9ABA-BC803B73C61A}") = "D:\...\MyNameSpace.Host\", "Service\RefData\Tests\MyNameSpace.Host", "{0ACCC7A1-CC83-4854-950D-8F63A74373B9}"
ProjectSection(WebsiteProperties) = preProject
SccProjectName = "SAK"
SccAuxPath = "SAK"
SccLocalPath = "SAK"
SccProvider = "SAK"
ProjectReferences = "{80D4EBAA-E27E-45A2-93B2-BB6E2573AB1E}|MyNameSpace.ServiceImplementation.dll;"
Debug.AspNetCompiler.VirtualPath = "/MyNameSpace.Host"
Debug.AspNetCompiler.PhysicalPath = " Tests\MyNameSpace.Host\"
Debug.AspNetCompiler.TargetPath = "PrecompiledWeb\MyNameSpace.Host\"
Debug.AspNetCompiler.Updateable = "true"
Debug.AspNetCompiler.ForceOverwrite = "true"
Debug.AspNetCompiler.FixedNames = "false"
Debug.AspNetCompiler.Debug = "True"
Release.AspNetCompiler.VirtualPath = "/MyNameSpace.Host"
Release.AspNetCompiler.PhysicalPath = "Tests\MyNameSpace.Host\"
Release.AspNetCompiler.TargetPath = "PrecompiledWeb\MyNameSpace.Host\"
Release.AspNetCompiler.Updateable = "true"
Release.AspNetCompiler.ForceOverwrite = "true"
Release.AspNetCompiler.FixedNames = "false"
Release.AspNetCompiler.Debug = "False"
VWDPort = "2596"
DefaultWebSiteLanguage = "Visual C#"
EndProjectSection
EndProject
After editing in notepad you should have...
Project("{E24C65DC-7377-472B-9ABA-BC803B73C61A}") = "D:\...\MyNameSpace.Host\", "Service\RefData\Tests\MyNameSpace.Host", "{0ACCC7A1-CC83-4854-950D-8F63A74373B9}"
ProjectSection(WebsiteProperties) = preProject
SccProjectName = "SAK"
SccAuxPath = "SAK"
SccLocalPath = "SAK"
SccProvider = "SAK"
ProjectReferences = "{80D4EBAA-E27E-45A2-93B2-BB6E2573AB1E}|MyNameSpace.ServiceImplementation.dll;"
Debug.AspNetCompiler.VirtualPath = "/MyNameSpace.Host"
Debug.AspNetCompiler.PhysicalPath = " Service\RefData\Tests\MyNameSpace.Host\"
Debug.AspNetCompiler.TargetPath = "PrecompiledWeb\MyNameSpace.Host\"
Debug.AspNetCompiler.Updateable = "true"
Debug.AspNetCompiler.ForceOverwrite = "true"
Debug.AspNetCompiler.FixedNames = "false"
Debug.AspNetCompiler.Debug = "True"
Release.AspNetCompiler.VirtualPath = "/MyNameSpace.Host"
Release.AspNetCompiler.PhysicalPath = "Service\RefData\Tests\MyNameSpace.Host\"
Release.AspNetCompiler.TargetPath = "PrecompiledWeb\MyNameSpace.Host\"
Release.AspNetCompiler.Updateable = "true"
Release.AspNetCompiler.ForceOverwrite = "true"
Release.AspNetCompiler.FixedNames = "false"
Release.AspNetCompiler.Debug = "False"
VWDPort = "2596"
DefaultWebSiteLanguage = "Visual C#"
EndProjectSection
EndProject