If you use the IEWebControl.msi installer program, it registers the assembly in the GAC. My understanding was that GAC registered assemblies should show up in the list under the .NET tab for references, and should not need to be browsed for.
Not a problem if this is not the case, but it does leave us with inconsistant actions depending on the assembly being installed.
More importanly however, is that if you used the IEWebControls.exe installer, and manually built the assembly using build.bat, then you could run into the "The located assembly's manifest definition with name 'Microsoft.Web.UI.WebControls' does not match the assembly reference." error. That is because the .msi from the Microsoft downloads site has a strong name, but the one built from the .exe does not.
This is especially true when the web site using the controls is for Commerce Server, or was written in a language other than English, as the Microsoft Downloads file is the one usually found in non-English web searches.
Even then, it's not guaranteed to work as I get a:
Compiler Error Message: CS1595: 'Microsoft.Web.UI.WebControls.Tab' is defined in multiple places; using definition from 'c:\WINDOWS\assembly\GAC\Microsoft.Web.UI.WebControls\1.0.2.226__31bf3856ad364e35\Microsoft.Web.UI.WebControls.dll'
No idea where the other definition is as I never installed the .exe version of IEWebControls, and the compiler output doesn't tell me either.