I have the same problem but this appears to be only affecting a single account on a single machine. It is on a WinXP machine, 32bit.
This is a brand new install of ADR2012 and when the user tries to launch the shortcut he is met with an error dialog and is prompted to submit a report. If any other user logs on to teh same machine, ADR works absolutely fine so we know the actual install is good.
We have emptied the temp directory, removed the users Autodesk registry keys and user folders which would ordinarily force the relevant keys files to get reinstated at next lauch - this is confirmed when launching TrueView. ADR however does not even get as far as displaying a splash screen, just click and error.