My preferred way to embed Razor Views in a Class Library is to copy them into the MVC website's Views/Areas folders with a post build event. Custom view locations can be specified if you override the ViewEngine or VirtualPathProvider.
The tricky part for me was getting intellisense to work in these View Class libraries. First, you must add a Web.Config to your View assembly. Note that you don't have to actually include it in your assembly. It only has to be in the assembly root directory (or views folder). Here is an example. Regard the important Assemblies/Compilation section.
<?xml version="1.0"?>
<configuration>
<configSections>
<sectionGroup name="system.web.webPages.razor" type="System.Web.WebPages.Razor.Configuration.RazorWebSectionGroup, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<section name="host" type="System.Web.WebPages.Razor.Configuration.HostSection, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
<section name="pages" type="System.Web.WebPages.Razor.Configuration.RazorPagesSection, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
</sectionGroup>
</configSections>
<system.web.webPages.razor>
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<pages pageBaseType="System.Web.Mvc.WebViewPage">
<namespaces>
<add namespace="System.Web.Mvc" />
<add namespace="System.Web.Mvc.Ajax" />
<add namespace="System.Web.Mvc.Html" />
<add namespace="System.Web.Routing" />
</namespaces>
</pages>
</system.web.webPages.razor>
<appSettings>
<add key="webpages:Enabled" value="false" />
</appSettings>
<system.web>
<compilation targetFramework="4.0">
<assemblies>
<add assembly="System.Web.Abstractions, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"/>
<add assembly="System.Web.Routing, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"/>
<add assembly="System.Data.Linq, Version=4.0.0.0, Culture=neutral, PublicKeyToken=B77A5C561934E089"/>
<add assembly="System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />
<add assembly="System.Web.WebPages, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
</assemblies>
</compilation>
<httpHandlers>
<add path="*" verb="*" type="System.Web.HttpNotFoundHandler"/>
</httpHandlers>
<!--
Enabling request validation in view pages would cause validation to occur
after the input has already been processed by the controller. By default
MVC performs request validation before a controller processes the input.
To change this behavior apply the ValidateInputAttribute to a
controller or action.
-->
<pages
validateRequest="false"
pageParserFilterType="System.Web.Mvc.ViewTypeParserFilter, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
pageBaseType="System.Web.Mvc.ViewPage, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
userControlBaseType="System.Web.Mvc.ViewUserControl, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<controls>
<add assembly="System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" namespace="System.Web.Mvc" tagPrefix="mvc" />
</controls>
</pages>
</system.web>
<system.webServer>
<validation validateIntegratedModeConfiguration="false" />
<handlers>
<remove name="BlockViewHandler"/>
<add name="BlockViewHandler" path="*" verb="*" preCondition="integratedMode" type="System.Web.HttpNotFoundHandler" />
</handlers>
</system.webServer>
</configuration>
Next, you need to modify your class library's vbproj file so that all OutputPath elements point to 'bin\' instead of 'Debug\bin\' or 'Release\bin\'. This is the main difference I found between class libraries and ASP.Net web project types that can cause intellisense bugs.
If you still recieve your must inherits error, consider using @Inherits System.Web.Mvc.WebViewPage in your views. If you are not copying your views into your website project, you may be loading them from Embedded Resources using a custom ViewEngine / VirtualPathProvider. If that is the case, you definately need the Inherits so Razor knows what your view base class is unfortunately.
Good luck.