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Also had this problem myself Tony. Clean install. Running as Admin, Tryed Running in Windows XP sp2 mode. Only way I can get the bot started is by right clicking and using Troubleshoot compatability.
Win7 64bit, 32bit wow client, fully patched, window mode, DX9. Absolutly nothing has changed in my system, or my setup apart from the new version of HB. Logs supply no clue.
"Object Reference not set to an instance of an object"
PS. I can run just fine with the above method, just thought I'd throw you abit more detail of the error as am currently able to reproduce it constantly.