Yes, the rules for commandline arguments are a little murky.
The \
is the escape char and you can use it to escape quotes ("
). You'll have to escape a backslash but only when it is preceding a quote. So use (note the '\\' at the end):
MyApp "C:\Users\DevDave\Documents\Visual Studio 2012\Projects\MyProject\\"
or, simpler but you'll have to deal with it in C# somehow:
MyApp "C:\Users\DevDave\Documents\Visual Studio 2012\Projects\MyProject"
Also see this question