I installed the 4.5.7 update and took all the defaults - downloaded the "full" package for WinXP. Lots of problems. Max opened, but... The installation emptied my entire C:Program FilesCommon FilesCycling '74 folder and subfolders. I restored, and MAX opened again, but a New patcher only contained a handful of objects in the palette, and the File preferences dialog was an unusable mess.
Help, please - I have a nonfunctional system now.
Oh yes, another clue - it doesn't look like any new documentation was installed - that latest what's new file I have is from 11/05. So something else in the installation went bad.