See Above:
The Microsoft BizTalk ESB Toolkit .msi does not register the itinerary designer by default. Post installation, the user needs to select Install itinerary designer extensions under Start> All Programs> Microsoft BizTalk Server 2010 ESB toolkit.
Note: I only have premium installed 
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Opening EDI Guidance (For ESB) From Codeplex
Keywords:
Booya
itinerary designer fails
ESB 2.1
Biztalk 2010 Beta
Help
Mark Rowe
HowTo