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Although the PowerGUI Visual Studio Extension works with Visual Studio, it's not a standalone tool, rather it requires PowerGUI to be installed separately. PowerGUI is available from Quest Software as a free download, and is actually a free integrated development environment (GUI) with many of the same features provided by the PowerGUI extension.
Many developers who use Quest Softwares PowerGUI Visual Studio Extension have found it to be a very useful tool which provides syntax highlighting, IntelliSense and the ability to debug Power Shell scripts from within the Visual Studio environment. In addition, the PowerGUI Script Editor enables scripts to be opened from within Visual Studio with a single click.