Latest daily build picard-setup-1.3.0dev20140223.exe has an issue with configuration settings.

If you install from scratch and / or delete the Picard registry sub-tree, Picard executable will load fine once. However, once you close it and re-open it, Picard closes immediately.

Latest Picard source repo can be opened OK - here are the opening debug messages:

Warning: config file 1.3.0dev20140223 was created by a more recent version of Picard (current is 1.3.0dev3)
D: 11:29:47 Starting Picard 1.3.0dev3 from 'd:\\Dev\\GitHub\\picard\\picard
tagger.pyc'
D: 11:29:47 Using locale 'English_United Kingdom.1252'
D: 11:29:47 Loading gettext translation, localedir='locale'
D: 11:29:47 IOError(2, 'No translation file found for domain')

Attached are settings created after deleting registry settings and running Picard executable once.