MSTest includes code coverage, at least it does in the version of VS I have. However, you need to enable the instrumentation in the testrunconfig, which is just ugly and a major PITA.
A much easier option is to use TestDriven.NET, which can automate coverage, even for MSTest. And since it uses the MSTest core, you still get all the VS goodness such as colorization (red/blue lines for covered code). See here (including a screencast), or since an image says a thousand words:
(source: mutantdesign.co.uk)
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