Visual Studio creates unwanted directories for a new solution

So, all you want is to create a new visual studio project called MyProject in a SINGLE directory called MyProject. But behold, Visual Studio has created a million levels of directories called \MyProject\MyProject\MyProject for your project. And put it all all in source control to boot.
Simples:

1. Specify your project name
2. Specify the parent directory for MyProject
3. Untick 'Create Solution Directory