Me too, glad to see it's not just Michael & me in Oz having the problems. I was beginning to think it might be something as simple as the date setup!
Likewise have 2.8 and 3.0 installed.But have since renamed old directory and reinstalled UFT 3 and checked that all files are pointing to UFT3 directory and subdirectories. (My library and image files were originally in UFT directory with 2.8).
The only difference is that I get the option to show where the UFTree.exe file is, and it goest automatically to UFT3, when I highlight and open it, it just drops me out with the usual message that it's not a v3 file.
I suspect it requires editing of the registry but I'm not confident doing that.