I'm getting the same problem as several of the people here.
Run-time error '-2147220850 (8004028e)':
File Open Error
Presumably, the emulator is looking for a file, and not finding it.
I've just signed up for the emulator, too, so it's definitely a clean install.
I wonder why it was set by default to have no ownership, too... I had to take ownership of the folder to remove a read-only flag. Could that have something to do with it? I doubt it...