When trying to save custom settings/options for your application I've never liked the user and application settings found using the VB or C#. I wanted to be able to bind my object to a property grid and allow a user to change properties and then write that object back as an XML file. I also wanted to be able to add/remove properties from the class without it causing scheme problems.

using System;
using System.IO;
using System.Xml.Serialization;

public class ObjectSerialization
{
    public static void WriteObjectToXML(T oObject, string sPath)
    {
        // Create a new XmlSerializer instance with the type of the test class
        XmlSerializer SerializerObj = new XmlSerializer(typeof(T));

        using (TextWriter oWriteFileStream = new StreamWriter(sPath))
        {
            // Create a new file stream to write the serialized object to a file
            SerializerObj.Serialize(oWriteFileStream, oObject);
        }
    }

    public static T ReadXMLToObject(string sPath)
    {
        if (File.Exists(sPath))
        {
            // Create a new XmlSerializer instance with the type of the test class
            XmlSerializer SerializerObj = new XmlSerializer(typeof(T));

            // Create a new file stream for reading the XML file
            using (FileStream oReadFileStream = new FileStream(sPath, FileMode.Open, FileAccess.Read, FileShare.Read))
            {
                // Load the object saved above by using the Deserialize function
                return (T)SerializerObj.Deserialize(oReadFileStream);
            }
        }
        else
        {
            throw new FileNotFoundException("File '" + sPath + "' does not exist.");
        }
    }
}

//
// Example Usage
//

namespace MyApp
{
    [XmlRoot("GeneralSettings")]
    class GeneralSettings
    {
        private const string CONST_Filename = "Settings_General.xml";
        public GeneralSettings()
        {
            this.AutoSave = false;
            this.LastUpdated = null;
            this.DefaultAuthor = "TalkDotNet";
        }
        [XmlElementAttribute("AutoSave")]
        public bool AutoSave { get; set; }

        [XmlElementAttribute("LastUpdated")]
        public datetime? LastUpdated { get; set; }

        [XmlElementAttribute("DefaultAuthor")]
        public string DefaultAuthor { get; set; }

        public static GeneralSettings LoadSettings()
        {
            string sPath = Path.Combine(@"C:\TalkDotNet\MySettings", CONST_Filename);
            if (System.IO.File.Exists(sPath))
            {
                return ObjectSerialization.ReadXMLToObject<GeneralSettings>(sPath);
            }
            else
            {
                return new GeneralSettings();
            }
        }

        public void SaveSettings()
        {
            string sPath = System.IO.Path.Combine(@"C:\AppPath\MySettings", CONST_Filename);
            ObjectSerialization.WriteObjectToXML<GeneralSettings>(this, sPath);
        }
    }
}