I just installed the Windows standalone Flash Builder 4 beta 2 and when I go to create a new project I notice the File - New menu has only three items, Folder, File, and Other.
The File - New menu used to have menu items allowing you to create a new MXML Application, new MXML Component, new ActionScript class, etc.
I'm assuming something in my install is messed up.
Reinstalled. Its okay now.