Right - again, same here (I am on XP Home).
It contains the SideBySide DLL-related assemblies we have been talking about
in another thread (or at least I was, at one point). You can Google for
what "SideBySide" is all about, and how it helps to prevent DLL hell.
I sure would not!
I doubt it.
I believe it is installed when a Visual C++ redistributable exe is installed
(which is needed by some certain applications, and is installed at that
time). And when you install some specific applications, they may add some
stuff to it.
I'd suggest you leave it in.