Update (2012-09-06): After some trial and error, it seems the Canon Hack Development Kit (CHDK) component is causing the issue. If you’re experiencing the same problem, try removing this component.
Update (2012-09-05): The FastPictureViewer support team was unable to reproduce the issue, but suggested it might have something to do with the JPEG Auto-Rotate feature. I was able to resolve the issue by installing only the following components of the codec pack: Photoshop PSD, Lightroom Previews, Adobe DNG, Canon CR2, CRW, PDF Thumbnails and Control Panel. This suggests one of the other components was causing the conflict on my machines.
I use the FastPictureViewer Codec Pack for viewing DNG images in Windows Explorer, amongst other things. Unfortunately, however, installing version 220.127.116.11 of the codec pack in Windows 8 (64-bit) caused my installations of Visual Studio 2010, Visual Studio 2012, Blend 4 and Blend for Visual Studio 2012 to stop working to various extents. Both versions of Blend crash silently. The start pages in both versions of Visual Studio fail to load, with VS2010 displaying a ‘Content Load Error’ relating to ‘System.Windows.Baml2006.TypeConverterMarkupExtension’ throwing an exception. The error message displayed where the Visual Studio 2012 Solution Explorer belongs was more useful: ‘System.Runtime.InteropServices.COMException: The codec is in the wrong state. (Exception from HRESULT: 0x88982F04)’.
Uninstalling the codec pack caused everything to start working again. I’ll update this post if/when a future release resolves the incompatibility.