Seems to just be a timeout issue on resolving shortcuts. Removing any shortcuts that take a long time to load fixed the explorer crash for me on Windows 7 x64. Note that these shortcuts need to be removed from the desktop entirely. It is not just the shortcuts that are in fences, and it also causes the snapshot (e.g. when it takes a snapshot during installation) to take a long time and potentially time out. For example, dead links (shortcuts to locations that do
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