The problem is with the Msflxgrd.ocx file which doesn't get registered in Windows 7.
This site provided some clues: http://www.ascentive.com/support/new/support_dll.phtml?dllname=Msflxgrd.ocx
And so did this site: http://social.answers.microsoft.com/Forums/en-US/w7repair/thread/471a9b26-88c1-4765-9417-bae27ff8fe3b
The manual process goes something like this:
Copy the Msflxgrd.ocx file to the windows\system32. That file can be found in the 'ascentive.com' link above. I also found this file in the sysWOW64 directory, but Windows 7 was giving me an error message saying it was not available.
Next, I did a right click on Start >> Accessories >> Command Prompt and selected 'Run as Administrator'.
Then I executed the following from the command line:
I had to run Getif as admin, but I expect changing permissions should be trivial.