How do you setup your Sitefinity and Ultimate Collection dev

You don't have to work for Telerik to answer this.

How do you set your development environement so that you can work with both Sitefinity and the Ultimate Collection on the same computer?

My biggest concern is that Sitefinity uses earlier versions of many of the product that are included in the Ultimate Collection. Does this mean that I should not install the Ultimate Collection on the same computer I use for Sitefinity development? Many of the dll's on my Sitefinity development computer are installed in the GAC, so doesn't that mean that installing the Ultimate Collection will break my Sitefinity installation?

My second concern is I want to be able to use the Visual Studio Templates for Reporting, Open Access, ect with a Sitefinity Web  Application.

My third (least) concern is having the latest tool from Telerik. I would rather do all development with the version of the product that comes with Sitefinity if that means I will run into fewer version compatibility issues.

For the time being...you don't. Well i mean OpenAcces is the only one you should sync to the sitefinity version (due to the enhancer), but aside from that, Sitefinity points to the other telerik bits in its bin folder so there shouldnt be any conflicts. Keep in mind though that they are working on syncing the releases. I believe 5.1 is when OpenAcces (at the very least) syncs up with sitefinity. That means Sitefinity 5.1 ships with OA Q22012 (the latest)