AIR application with Flex 4.5 will not render content. What gives?

[cafeParadox]

OK,

So I've upgraded to Flash Builder 4.5 Premium and I am unable to develop desktop AIR applications with the 4.5 Flex SDK. I start by simply creating a brand new AIR application using the default SDK (Flex 4.5). I set the title property on WindowedApplication and include a simple Label component. The project compiles fine but when I run the application all I see is the adl window in the dock but that's it. If I modify the Main-app.xml file to set the visible attribute to true, I will get a small window but there is no content although the output window shows the application swf being loaded. Checking the release version of the Main-app.xml file shows the correct path location to the swf.

Here is what I've tried so far:

1. Install/reinstall Flash Builder, 4+ times
2. Downloaded the trial installation twice
3. Downloaded the SDK's for 3.6, 4.1 and 4.5.0. I then copied each SDK folder and merged the AIR 2.6 SDK with each copy. So now I have 6 SDK versions; one pristine and the other with the AIR 2.6 SDK merged. I then added each SDK individually and created an AIR desktop application for each. Each and every one works fine with the exception of the two 4.5 SDK's. They will not render content.
4. I created a simple creation complete handler for the application that declares a simple variable and assigns a value to it. I then put a break point on the assignment and it never gets caught. More evidence that the swf isn't getting loaded.

The computer I'm running on is a Mac Book Pro with Snow Leopard 10.6.7. If I create a web project in each of the 6 SDK's, those will work just fine. What the heck is it with Flex 4.5 and the AIR 2.6 SDK on this machine? I have the AIR 2.6 runtime installed as well as a number of AIR applications that work just fine. I also tried my 4.5 test on my windows machine and that worked like a champ.

I am completely out of ideas. Finding information has been difficult because everyone is all about mobile so searching for desktop issues is a losing battle. I realize this is a long email but I'm desperate for help. There must be someone out there that knows more about the low level interaction between Flex 4.5/AIR 2.6 and the OS.

[cafeParadox]

Well, I finally found the issue, a corrupted mm.cfg file in /Library/Application Support/Macromedia. I deleted the file and then adl ran just fine.