As usual there is a redist.txt file in the Visual Studio root, that explains about what Microsoft supplied files you’re allowed to redistribute with your applications. In MSVC9.0, the express edition only came with release and (non re-distributable) debug assemblies of the C, C++, and managed code runtime libraries.
In looking at the files installed by the latest and strangest version yet, I see that there is no vcredist folder… instead there is a vccrt folder, that contains a mungle of C and C++ that appears to be source code for some type of MS C/C++ runtime libraries :-/.