Hello Jack,
It seems like the password from the new install does not overwrite the old password. If I put the MSI on a new computer, everything works fine, and if I erase the reg settings on the existing computer and do the upgrade, everything works fine.
Yes, it seems to be the case. We need more information:
1. In step 4 of the configuration process you should have selected Pre-configure -> Security settings checkbox:
2. In the Host configuration window that appeared thereafter you should have enabled single password and actually set the new password, then click OK and finish the configuration process.
Was that the case?