I have the same problem (waiting for server etc. forever)
I had FFC 3.0 running on Win 2008 Server in VMWare fine but I needed to move the installation/licence. I Installed the 4.0 demo on Win 7 Ultimate (different hardwrae address naturally), everything worked as it should.
I then used the portal to recreate my licence file (system crash option) and downloaded it. Used the licence tool to install the licence. This worked fine.
I have run CCCleaner to clear caches etc. but I get the same result in both IE & Firefox (Silverlight current version).
After i made a new Manage Color preset with conversion it works. I first tried to make one just for knock out white and overprint black.
I had to run CC Cleaner to get Ie to work, so no it seems to bee on track again.
I had him send me the FFCore log file (I reached out to him via email). His problem seemed to be related to invalid database credentials. Can you send me a private message with the mantisdebug.log file that's in the installation directory?
Upte: Turn on private messages on My Settings -> Preferences -> Private Messenger