Ok, I will spare you the pain of going through the log ... as soon as it hits some of the video files to create thumbnails it dies!
0414297: Import: JRAnalyzerFile::GetThumbnailVideoHelper: Start
0414328: Import: CThumbnailGrabberWnd::GetThumbnail: Start
0414328: Import: CThumbnailGrabberWnd::GetThumbnail: Grabbing thumbnail from D:\Videos\Movies\serenitya.divx.avi, thread=0x16a8
0414344: Import: CThumbnailGrabberWnd::BuildGraph: Start
0414453: Playback: CDShowFileRenderer::RenderFile: Start
0414453: Playback: CDShowFileRenderer::LoadSourceFilter: Start
0414453: Playback: CDShowFileRenderer::LoadSourceFilter: Finish (0 ms)
0414453: Playback: CDShowFileRenderer::RenderFile: LoadSourceFilter returned 0x80004005
0414453: Playback: CDShowFileRenderer::LoadTransformFilters: Start
0414453: Playback: CDShowFileRenderer::LoadTransformFilters: Finish (0 ms)
0414453: Playback: CDShowFileRenderer::RenderFile: LoadTransformFilters returned 0x1
0452047: Import: CThumbnailGrabberWnd::OnDSEvent: Start
0452062: Import: CThumbnailGrabberWnd::OnDSEvent: Event: 0x53, 4, 0
0452062: Import: CThumbnailGrabberWnd::OnDSEvent: Finish (15 ms)
0452078: Import: CThumbnailGrabberWnd::OnDSEvent: Start
0452078: Import: CThumbnailGrabberWnd::OnDSEvent: Event: 0xa, 31457920, 0
0452078: Import: CThumbnailGrabberWnd::OnDSEvent: Finish (0 ms)
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Start
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Event: 0x53, 4, 0
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Finish (0 ms)
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Start
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Event: 0xa, 31457920, 0
0452922: Import: CThumbnailGrabberWnd::OnDSEvent: Finish (0 ms)
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Start
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Finish (0 ms)
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Start
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Finish (0 ms)
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Start
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Finish (0 ms)
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Start
0452922: Playback: CDShowFileRenderer::LoadSourceFilter(2): Finish (0 ms)
GSpot recognizes this as a DX50 DiVX codec, installed ... audio coedec MP3 installed, no errors, correct ...