Great!
Somehow I read over the part where you mentioned that you've installed the app from the cd that you got with your motherboard.
That's something I never do just to avoid the problems like you had and never thought that that could be the culprit.

So Asus is still not providing the latest version of IAA with a mobo you've bought late march, and the new version has been available since mid november last year ? That's hardly commendable!

Anyway, I'm glad you've sorted it all out now.
It sometimes pisses me off to see how little bug checking there is going on nowadays before a final product gets released. It seems like sometimes the beta stages get skipped entirely, and they try to make up for that later by providing software updates (if you're lucky). I mean, if an end-user can sometimes see the problem(s) within 5 minutes of use, can't all those techie guys do that too, or do they just don't care?
I know that a speedy release date is important, especially in the computer business, but there's something to be said for quality and stability also. I for one centainly don't mind waiting a bit longer if that would mean I would get a good, stable, quality product.
At least the Empeg guys got it right! (I really love 2.0!)