How to display KML / KMZ files using Bing Maps (Virtual Earth)

I’ve waited and waited for months now for Microsoft to add the popular KML / KMZ file formats directly to their library, but have seen no indication from them that it is coming anytime soon. This is a big deal for sites or desktop applications that offer Bing Maps, but can’t find a way for their visitors to display KML files on their local machines on your map page. This article shows how to do it.