Symptoms

After applying the smartforms rollup for 4.6.11.21, we are no longer able to see forms and views in the PandD (MMC) tool when creating or deploying a package.
 

Diagnoses

After looking at the file in the rollup, we have noticed that all of them were "blocked". (Right-click > Properties will show in the bottom right, if a file is blocked this way.) This is a Microsoft "security feature".
 

Resolution

We "unblocked" the ZIP file, extracted the ZIP and re-applied the rollup. After doing this, we were able to see the views and forms using PandD (MMC) again.