i've got th same problem :-(
my os is Vista (32bit) . I used WBFS Manager for a week without problems.
Today I formatted my computer
and now I have this problem.
hard drive is regularly recognized by USB loader GX, even now that WBFS Manager does not recognize more.
tried the 2.5 version, the 3.0 version and 3.01 without remedy.
got the net framework on board.