"I compiled my test project, after asking to mole an assembly. I see the .moles file, but where is the moles assembly?"
Moles assemblies are visible in the Solution Explorer window, by clicking the Show All Files button. (Be sure the proper project is selected, first!) All moles assemblies are found in the hidden MolesAssemblies folder.
The moles assemblies are not stored in the bin directory, with the other assemblies. This is a safety precaution, to prevent creating a static reference to moles assemblies, and to deter accidental misuse of the moles assemblies. These assemblies are regenerated by the compiler, and could pose a serious security risk to your application, if rolled into a deployment.