Same problem here with 7.1.348 on XP Service Pack 3. This problem only occurs on limited user accounts or Users Group. User accounts in the Administrators Group have no problems.
This problem started with build 347 and the removal of the print monitor. However it has been corrected in the latest build 349. I would note at this time the download links all still point to build 348. I found my copy of 349 on a site that said it was build 347. Go figure.