I asked this question a few days ago and the team helped me out.
The DLLs are included in SF (obviously as it uses ORM exclusively) To get the VS tools and templates you need to run the ORM stand alone install.
It looks like this will be included in future releases, maybe Q1??...
This from Hristo @ Telerik:
"Yes, you have to separately install the Q3 Open Access from here. Note that this is the trial download which will work OK with Sitefinity since we are distributing all necessary binaries and executable in the Libraries folder of your Sitefinity SDK installation. Therefore, you will need the installation only for the Visual Studio Extensions.
Also note that the Q3 Open Access is only part of our internal developers releases, and will be also featured in our upcoming service pack."